Income Tax: Tax Rates and Bands
(asked on 20th January 2015) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of personal allowance increases on those in work.
This question was answered on 29th January 2015
The Government has announced successive above inflation increases in the personal allowance this parliament, rising from £6,475 to £10,600 in April 2015 (an increase of 64%).
The increases in the personal allowance since 2010 will reduce income tax paid by typical basic rate taxpayers by £825.
These increases will also reduce income tax paid by someone working full time on the National Minimum Wage by £618.
To date (2014-2015) the increases have benefitted 26 million individuals.