Tax Rebates & Refunds

“No income tax for low earners” – Nick Clegg, Lib Dems

April 13, 2010
Posted in Income Tax — Written by The Tax Repayment Agency

The Liberal Democrats have launched their manifesto for the 2010 General Election, announcing that anyone earning under £10,000 would pay NO income tax under a Lib Dem government.

Liberal Democrat leader Nick Clegg said the huge tax break would be paid for by:

  • Charging an annual 1% levy on houses worth over £2 million
  • Halving tax relief on pension contributions for high earners
  • More than doubling Capital Gains Tax to 40%
  • Slashing the Capital Gains tax free allowance

He claimed this would raise almost £17 billion, allowing them to raise the basic income tax threshold to £10,000 and benefit 3.6 million low earners.

Potentially brilliant for a huge number of workers – a shame though, that the Lib Dems have little chance of coming to power…

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