Income Tax: Tax Rates and Bands

HM Treasury written question – answered on 29th January 2015.

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Photo of Richard Benyon Richard Benyon Conservative, Newbury

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of personal allowance increases on those in work.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Government has announced successive above inflation increases in the personal allowance this parliament, rising from £6,475 to £10,600 in April 2015 (an increase of 64%).

The increases in the personal allowance since 2010 will reduce income tax paid by typical basic rate taxpayers by £825.

These increases will also reduce income tax paid by someone working full time on the National Minimum Wage by £618.

To date (2014-2015) the increases have benefitted 26 million individuals.

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