Millions receiving an Income Tax cut
April 10, 2011 10:59 AM
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 Reg Barry, Leader of the Lib Dem Group in County Hall 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."
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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