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Greg Mulholland-Working Hard For Leeds North West1.8 million in Yorkshire and Humber to get £220 tax cut – Mulholland
March 21, 2012 4:19 PM
Liberal Democrat MP Greg Mulholland, has today welcomed the announcement by the Chancellor, as part of the Budget, that from next year the Income Tax threshold will be raised further, ensuring that no one pays any income tax on the first £9,200 they earn.
In Yorkshire and Humber that means 74,000 will be lifted out of paying Income Tax all together and a further 1.8 million will receive a £220 tax cut. This is on top of tax cuts of £200 last year and a further £130 next month.
Commenting, local MP Greg Mulholland said:
"The Chancellor has done the right thing to listen to the calls for the Income Tax threshold to be raised further.
"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.
"Raising the Income Tax threshold to £9,205 will help average working people in Yorkshire who have been struggling with bills and higher cost of living."
Commenting further, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander said:
"Liberal Democrats have been clear in our priorities for the Budget. We wanted to see a Budget for the millions, not the millionaires.
"The Coalition Government inherited an unfair tax system from Labour, who in their 13 years hit ordinary working families hardest by abolishing the 10p tax rate while letting tycoons get away with shameless tax avoidance.
"Liberal Democrats in the Coalition Government are doing the right thing to clear up the mess Labour left behind, making sure the wealthiest pay their fair share by clamping down on tax avoidance, introducing a 'tycoon tax' and putting an end to stamp duty dodging by the super rich.
"Raising the Income Tax threshold is a key Liberal Democrat commitment that the Coalition Government is implementing. The announcement in the Budget will mean almost 2m people will be taken out of paying Income Tax all together in the UK and give nearly 21m people a £220 tax cut."
ENDS
Notes to Editors:
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 being who buy £2m mansions; 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.