US EditionHMRC Income tax personal allowance rise to be debated by MPs next month
- On May 12, MPs will discuss a petition urging an increase in the HMRC income tax personal allowance from £12,570 to £20,000.
- The debate follows a petition started by Alan David Frost that has almost 250,000 signatures, requesting the allowance increase to help low earners and pensioners.
- The current personal allowance of £12,570 has been frozen since 2021 and was not allowed to rise with inflation or wages, causing more people to enter higher tax brackets.
- Raising the allowance to £20,000 would cost the government many billions of pounds annually, reducing tax receipts and funding for hospitals, schools, and public services.
- The government states no plans to increase the allowance and warns the change could undermine the Chancellor's efforts to maintain fiscal responsibility and economic stability.
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HMRC Income tax personal allowance rise to be debated by MPs next month
MPs will debate a petition to raise the HMRC income tax personal allowance threshold from £12,570 to £20,000 next month
·Keighley, United Kingdom
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