Lamport Bassitt Solicitors - Legal News - Income tax threshold increase 'is welcome'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Income tax threshold increase 'is welcome' Families in poorer sections of society may be able to benefit from a government move to increase the income tax threshold. In the emergency Budget announcement on June 22nd, chancellor George Osborne announced that those earning less than £7,475 per year will not have to pay income tax, which is up by £1,000. Mark Wallace, campaign director for the Taxpayers' Alliance, said: "Millions of people will be pleased to see the income tax threshold rising, which is a dose of long overdue contentment." However, despite the positive change in policy, Mr Wallace admitted that the Budget as a whole was not the best for low-income families, with a VAT rise from 17.5 per cent to 20 per cent likely to add to their outgoings. The coalition government has pledged to raise the income tax threshold to £10,000 and the expert suggested that more spending cuts will allow this to become a reality in the future. Posted by Isobel Whitely Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net �450m a year in savings More Individual Legal Services News