£800 Income Tax Cut By 2015

Lib Dems in government have already raised the tax-free allowance to £10,000 this year giving a £700 per year cut in income tax. But now the Liberal Democrats have now been able to go even further.

The tax-free threshold will rise to £10,500 next year, giving a total tax cut of £800 for 25m working people since 2010.

Commenting, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander said:

"This recovery would not be happening without the Liberal Democrats in Government. The Liberal Democrats are committed to building a stronger economy and a fairer society.

"The Liberal Democrats have fought for rises in the amount of money that people can earn before paying income tax right from the start of the coalition. We have already delivered an increase to £10,000 by April this year. That gives millions of tax payers a £700 tax cut.

"We've been campaigning for months to go even further and we've been successful. The personal tax-free allowance will rise to £10,500 in April 2015 which will give millions of taxpayers another £100 tax cut taking the total tax cut in 2015 to £800."