The Chancellor is set to unveil his budget this afternoon, in the House of Commons, and during his speech he is expected to announce that the threshold in which anyone pays income tax will increase to over £9,000 during the next year, in a move which would leave the average taxpayer £305 better off.
Last April, ministers lifted the tax threshold by £1,000 to £7,475; meaning the first £7,475 of a person’s income was not tax deductible; and a further increase of £630 was expected next month, with the Coalition Government pledging to increase the threshold to £10,000 by 2015.
It is unclear how the tax increase will be paid for when it comes into force, however it is expected that the change to the higher rate threshold will mean higher earners will not gain from the change; as the Chancellor looks to make this, his third budget, a budget for the working people.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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