Published • loading... • Updated
HMRC £15,570 Personal Allowance Plan Could Give Millions a £3,000 Tax Boost
The proposal could give millions of workers an extra £3,000 in tax-free income and is being weighed against funding changes to capital gains tax and bank reserves.
- Prime Minister Andy Burnham and Chancellor of the Exchequer John Healey are reviewing a proposal to raise the personal tax-free allowance to £15,570 ahead of the October Budget.
- The personal allowance has remained frozen at £12,570 since 2022/23, contributing to fiscal drag that brought 5.2 million additional people into income tax.
- Labour donor Dale Vince proposed funding the increase by raising Capital Gains Tax to 45% and halting the £30 billion in annual interest paid to commercial banks by the Bank of England.
- Former Conservative Treasury minister Sir David Gauke questioned whether the plan could raise funds without harming competitiveness and lending, while a Treasury spokesperson said tax decisions rest with the Chancellor.
- Burnham anchors his tenure on a pledge to lead a 'cost-of-living Government,' as proponents claim restoring the allowance could deliver 1.2% GDP growth in year one.
Insights by Ground AI
12 Articles
12 Articles
Telegraph & Argus+7 Reposted by 7 other sources
HMRC £15,570 personal allowance plan could give millions a £3,000 tax boost
Millions of workers could be in line for a £3,000 tax boost if plans reportedly being examined by Andy Burnham and Chancellor John Healey go ahead.
·Bradford, United Kingdom
Read Full Article
Coverage Details
Total News Sources12
Leaning Left0Leaning Right1Center11Last UpdatedBias Distribution92% Center
Bias Distribution
- 92% of the sources are Center
92% Center
C 92%
Factuality
To view factuality data please Upgrade to Premium
