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Emergency Budget 2010: millions get income tax break. Pearson May News Update - Tuesday 22 June
- Emergency Budget 2010: tough measures for tough times
- Emergency Budget 2010: support for businesses
- Emergency Budget 2010: the environment
- Emergency Budget 2010: companies see corporation tax reduction
- Emergency Budget 2010: millions get income tax break
- Emergency Budget 2010: employers get national insurance boost
- Emergency Budget 2010: pensions to be subject of reviews
- Emergency Budget 2010: Speech headlines
Emergency Budget 2010: millions get income tax break
The Chancellor has acted on long-term coalition government plans to increase the personal income tax allowance to £10,000.
He used the emergency Budget to announce that the allowance is to rise next April by £1,000 to £7,475, taking some 880,000 people out of the tax system.
In addition, another 23 million basic income tax payers are set to receive a tax cut of £170 a year.
However, those on higher incomes will see their allowance thresholds frozen until 2013.
The Chancellor emphasised that the government is committed to raising the personal allowance threshold to £10,000 as an objective, one to be pursued over the duration of the current Parliament.
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