Around 39,386 people in the City of Lincoln are benefitting from the biggest Income Tax cut in a generation this April.
On 6th April, Conservatives in Government increased the amount of money people can earn before paying any Income Tax to £9,440. Now, 24 million people across Britain will pay up to £600 less Income Tax this year than in 2010.
An estimated 3824 people who live in Lincoln will have been lifted out of income tax altogether by this Government. Together, with our previous tax cuts, we will have taken 2.2 million people across the Country out of Income Tax altogether which is an admirable achievement considering the state the last Labour Government had left our nation’s economy and finances in after 13 years of mismanagement.
Lincoln’s Member of Parliament, Karl McCartney MP, commented:
“This is fantastic news for people in our City – this tax cut means tax bills have been cut by £600 since the last General Election.
“Conservatives have prioritised hardworking people – rewarding those who want to work hard and keep more of the money they earn.”
For further information, please contact Karl McCartney MP at firstname.lastname@example.org / 020 7219 7221
· Increasing the personal allowance to £9,440 in April 2013. To support those on low and middle incomes, we are increasing the personal allowance by £1,335 to £9,440 from 6 April 2013. This will benefit 24.4 million people, with most basic rate taxpayers paying £593 less tax this year than at the election. In total, 2.2 million people will have been taken out of income tax altogether (HM Treasury, Budget 2012, March 2012; HM Treasury, Autumn Statement 2012, 5 December 2012).
· Increasing the personal allowance to £10,000 in April 2014. In the Budget 2013, the Chancellor announced the personal allowance would rise to £10,000 in April 2014. This will deliver a tax cut to 24 million people, meaning most taxpayers will be paying over £700 less tax than at the election. We will have taken 2.7 million people out of tax altogether (HM Treasury, Budget 2013, 20 March 2013).
· Labour first abolished the 10p tax rate and now want to re-introduce it: we’ve made the 10p tax rate the 0p tax rate. Conservatives in Government have now turned Labour’s 10p tax band into a zero pence tax band. Every person paying tax at the 10p rate when Labour doubled it, will now be paying no income tax at all on that income (HM Treasury, Budget 2013, 20 March 2013).