Saturday, April 16, 2016
Taking people out of income tax
Since 2010 over 4 million of the lowest paid people have been taken out of income tax. Because of our increases to the personal allowance, a typical basic rate taxpayer will be paying over £900 less in income tax than they were in 2010.
This month the personal allowance rises yet again, meaning that no one earning under £11,000 will pay any income tax.
We believe that when you work hard, you deserve to keep more of the money you earn. That’s why we’re on course to increase the personal allowance to £12,500 by 2020