Budget 2015: Coalition 'to raise personal allowance towards £11k'

[Martin@AS Financial]

According to the report - "George Osborne is planning a pre-election boost for hundreds of thousands of workers by announcing a further increase to the income tax personal allowance."

"The current income tax personal allowance for most people is £10,000 - up from £9,440 in 2013-2014 - and is set to rise to £10,600 next month."


Budget 2015: Coalition 'to raise personal allowance towards £11k' - Professional Adviser IFAonline

[TheFaQQer]

Monty Brewster's got nothing on this fella.

[Unix]

Wish he would raise the higher rate to 60k so I can get mo' money from divvies

[d000hg]

Wish he would raise the higher rate to 60k so I can get mo' money from divvies

Doesn't increasing your tax-free allowance mean you CAN "get mo' money from divvies" since the point at which you start paying higher-rate tax moves up accordingly?

[MicrosoftBob]

Doesn't increasing your tax-free allowance mean you CAN "get mo' money from divvies" since the point at which you start paying higher-rate tax moves up accordingly?

Usually unless they're sneaky and decrease the higher rate starting point at the same time, as in recent budgets

[VectraMan]

Wish he would raise the higher rate to 60k so I can get mo' money from divvies

Means you can increase your salary and get mo' money that way. Not that anyone here would pay an unrepresentative salary only chosen for tax avoidance purposes.

[d000hg]

Usually unless they're sneaky and decrease the higher rate starting point at the same time, as in recent budgets

It's about time they set the thresholds to be inflation-linked.

[Unix]

Doesn't increasing your tax-free allowance mean you CAN "get mo' money from divvies" since the point at which you start paying higher-rate tax moves up accordingly?

That's true but it's not a lot. Imagine you only paid tax on Salary+Divvies above 60k AND you split shares between you and spouse 50/50 so 120k tax free money (I know its not really tax free but no Self assesment tax bill)

[BrilloPad]

Why would he raise the personal allowance disproportionately this year?

[eek]

Why would he raise the personal allowance disproportionately this year?

Because they have done it for the past 5 years (at the behest of the Lib Dems) and want to emphasis the point now the election has arrived...