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Millions receiving an Income Tax cut
April 10, 2011 10:59 AM
Originally published by Isle of Wight Liberal Democrats
Originally published by Isle of Wight Liberal Democrats
From Wednesday 6 April 2010, nearly 900,000 people across the country have been lifted out of paying Income Tax while around 23m basic-rate tax payers will get an extra £200 in their pockets.
The news has been welcomed by David Goodall who said: "I am proud that thanks to Liberal Democrats in Government, almost a million people will be lifted out of paying tax altogether across the country, while 23m people will get a tax cut. A Lib Dem priority is to reduce the burden of taxation on those who can least afford it. This would not happen under a Conservative only Government, it is the Liberal Democrats in Government that are making the difference."
The Income Tax threshold, the point from which people start paying their taxes, has been raised by £1,000 to £7,475. This increase to the Tax threshold is the first step toward the Liberal Democrat commitment to raise the Income Tax threshold to £10,000, with a further rise of the threshold due in 2012.
By 2012/13, the Income Tax Threshold will be raised to £8,105, meaning that Liberal Democrats will have lifted 1.1 million people out of paying tax and will have given 25 million people a tax cut worth £326. One important way this is being paid for is by taxing the banks more (around £10bn), so they pay their share.
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