An Income Tax allowance freeze planned by Rachel Reeves in this month’s Budget could cost workers with this code on payslips as much as £1,500 each.

Labour is planning a programme of tax hikes on October 30 in a bid to plug the now-£40bn ‘black hole’ in the nation’s finances and one area reported to be under consideration is the Personal Allowance Income Tax bands.

These are the brackets at which tax is owed on earnings. Currently, workers begin paying tax on their earnings for every…