TaxPersonal TaxCameron pledges tax cuts if re-elected in 2015

Cameron pledges tax cuts if re-elected in 2015

Upping the 10p and 40p rate to new thresholds on the cards if Conservatives re-elected

Cameron pledges tax cuts if re-elected in 2015

THE NATION’s tax bill will be cut if the party is re-elected at the polls next May, prime minister David Cameron has pledged. 

Speaking at the Conservative Party Conference in Birmingham today, Cameron said he would raise the 40% tax threshold to £50,000 from £41,900 by 2020.

He also vowed to raise the current £10,000 tax threshold to £12,500, a move he said would remove one million of the poorest workers out of tax completely and hand what is effectively a tax cut to around 30 million people.

However, the Conservatives leader would not reveal when – should be re-elected – the cuts would kick in.

The total combined costs of implementing the tax changes would be £7.2bn, according to the Institute for Fiscal Studies.

Upping the 40p tax band would be personally enrich those earning £50,000 by £1,600 a year.

Related Articles

Government should rethink “digitally distracted” HMRC, ATT urges

Administration Government should rethink “digitally distracted” HMRC, ATT urges

1y Fraser Simpson, Reporter
OTS seeks feedback on tax simplification strategy

Accounting Standards OTS seeks feedback on tax simplification strategy

1y Fraser Simpson, Reporter
UK has ‘vital role to play’ in beating tax evasion, declares Panama Papers whistleblower

Corporate Tax UK has ‘vital role to play’ in beating tax evasion, declares Panama Papers whistleblower

1y Fraser Simpson, Reporter
Knight's suitability as OTS chief questioned by MPs

Corporate Tax Knight's suitability as OTS chief questioned by MPs

2y Fraser Simpson, Reporter
Macpherson to leave Treasury after 10 years in Permanent Secretary role

Corporate Tax Macpherson to leave Treasury after 10 years in Permanent Secretary role

2y Chris Warmoll, Writer
Tax code complexity could damage economy, warns think tank

Corporate Tax Tax code complexity could damage economy, warns think tank

2y Fraser Simpson, Reporter
£8bn haul sees MPs urge for income tax cuts

Personal Tax £8bn haul sees MPs urge for income tax cuts

2y Fraser Simpson, Reporter
Parliament to debate digital tax accounts this month

Administration Parliament to debate digital tax accounts this month

2y Calum Fuller, Reporter