Stroud MP Neil Carmichael welcomes new tax cut
STROUD MP Neil Carmichael has welcomed a new tax cut for people in the Stroud Valleys and Vale.
From April 2015 the personal allowance will rise to £10,500, cutting taxes for 25 million people nationwide and taking another 290,000 people out of paying income tax altogether.
Mr Carmichael said: “This tax cut is excellent news for hard-working people across the Valleys and Vale.
“It will mean lower taxes for around 41,527 people here in Stroud, with 545 people taken out of income tax altogether.
“That means 41,527 people keeping more of the money they’ve worked hard to earn, giving them and their families more financial security for the future.”
According to figures from HM Treasury, rises in the personal allowance since 2010 mean that, by April next year, a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.