Stewart Jackson MP has welcomed a new tax cut for hardworking people in Peterborough.
From April 2015 the personal allowance will rise to £10,500, cutting taxes for 25 million people and taking another 290,000 people out of paying income tax altogether.
Rises in the personal allowance since 2010 mean that by April next year a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.
The budget measures do not result in any additional higher rate taxpayers. The full benefit will be passed on to higher rate taxpayers – everyone earning up to £100,000 will gain equally and will pay less tax because of this tax cut.
Stewart Jackson commented:
‘This tax cut is excellent news for hardworking people in Peterborough.
‘It will mean lower taxes for around 46,051 people here in Peterborough, with 472 people taken out of income tax altogether.
‘That means 46,051 people keeping more of the money they’ve worked hard to earn, giving them and their families more financial security for the future.’