Tax Rebates & Refunds

Osborne announces rise in income tax allowance

May 21, 2010
Posted in Income Tax — Written by admin

New Chancellor of the Exchequer George Osborne has announced that there will be a “significant rise” in the income tax allowance in his June 22nd Budget.

This will be good news for for low and middle income earners as they will pay less tax. We don’t yet know what level it rise to from its current £6,475 but it is unlikely to be as high as the £10,000 the Liberal Democrats pledged in their election manifesto.

That does, however, remain the target for the new coalition government. It is likely to happen in installments over the next five years of this government.

What this means for you is that if you earn less than £100,000 a year (as it stands) you will not be taxed on the until earn what the new tax allowance is set at, meaning you should have more money in your pay packet each month.

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