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Tax Tip

Tax-free allowance to rise say Lib Dems

 In their general election manifesto, the Lib Dems are proposing a rise in the tax-free personal allowance to £12,500 and an increase to the National Insurance threshold during the next Parliament.

 
The Lib Dems' Danny Alexander said it amounted to a "generational shift in the tax system".
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The UK Personal Allowance, the amount you can earn in the UK before having to pay any tax, has risen during the current Parliament from £6,500 to its current level of £10,000. From next April, it is due to rise to £10,500. The proposed rise would effectively mean that anyone on the minimum wage would not pay income tax.”
 
About 26 million working people would enjoy a cut in tax from the Lib Dems' proposed allowance rise.
 
The independent Institute for Fiscal Studies estimates such a change would cost £3bn.
 
If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial and business planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Clear and precise with advice
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In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
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