As part of yesterday’s Budget statement, the Chancellor has announced that from next year, the Income Tax threshold will be raised further to £9,205 ensuring that 2.1 million people in Scotland receive a tax cut.
In East Dunbartonshire that means 41,300 basic rate taxpayers will keep an additional £220 of their earnings. This is in addition to tax cuts of £200 last year and a further £130 next month.
Commenting, Jo Swinson said:
“This is a budget that cuts taxes for working families. By increasing the income tax threshold, more than 41,000 people in East Dunbartonshire will receive a tax cut and 2,600 low earners in our area will be removed from paying income tax altogether.”
“As a Liberal Democrat, I want to see a fairer tax system where help is provided for those who need it most and where the richest pay their fair share.
This budget delivers on growth, on deficit reduction and on fairness”
1. The Budget includes a number of measures to make the rich pay their fair share. These include a Tycoon Tax to cap tax breaks the wealthy can use; raising the rate of stamp duty to 7% for houses valued at over buy £2m; and closing loopholes that allow people to buy houses in company names to avoid Stamp Duty when the property is sold.
2. When the Coalition came to power in 2010 the Personal Tax Allowance was £6,475. Increasing it to £10,000 will mean £700 back in the pockets of working people, or approximately £60 a month.