Michael Gove has welcomed new figures showing that Conservative plans for further cuts to income tax would take an estimated 5010 low-earners out of paying income tax altogether, as well as reducing others’ tax bills, making hardworking taxpayers more financially secure.
A future Conservative Government has committed to tax cuts for 30 million people by raising the personal allowance to £12,500 and raising the threshold at which people pay the 40p rate of tax to £50,000 by 2020. The personal allowance increase would also take one million low-earners out of paying income tax.
This builds on action the Conservatives have already taken in Government to cut income tax. The personal allowance has already risen to £10,000 since 2010, meaning the typical taxpayer is paying £705 less in income tax, and over three million have been taken out of income tax altogether. This will rise again to £10,500 from next April.
‘As Conservatives we believe strongly that the best way to make families more secure is to let people keep more of what they’ve worked hard to earn, and that it’s morally wrong for politicians to go around spending hardworking taxpayer’s money like it grows on trees.
‘That’s why in Government we’ve been cutting income tax at the same time as reducing the deficit. A future Conservative government will take this even further, lifting an estimated 5010 people in Surrey Heath out of paying income tax altogether at the same time as cutting taxes for 30 million people.
‘We need to stick to the Conservatives’ long-term economic plan which will deliver this. By cutting the deficit and taxes we’re helping hardworking taxpayers be more financially secure and have greater peace-of-mind about the future.’