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Tax Tip

Prime Minister pledges tax cuts


In his speech which ended the Conservative party's conference, the Prime Minister, David Cameron, said he would raise the tax-free allowance from £10,500 to £12,500, and the 40% rate up to £50,00 from £41,900 by April 2020.

Both tax reform proposals - the timing of which the party said depends on economic circumstances - received lengthy ovations.

Increasing the personal allowance would take one million of the lowest-paid out of income tax and give a tax cut to 30 million more, and somebody working a 30-hour week on the minimum wage would pay no income tax, he said: "Nothing, zero, zilch."

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Raising the threshold for the 40p tax band would be worth £1,600 a year to those earning £50,000, benefiting an estimated 800,000 taxpayers. The Institute for Fiscal Studies said the combined cost of the tax changes would be £7.2bn by 2020.”

In his speech, Mr Cameron also promised:

  • A Conservative government would protect the NHS budget for England
  • He would "deliver" on a pledge of "English votes for English laws"
  • The UK could not "walk on by" in the battle with Islamic State extremists
  •  Immigration would be at the heart of his EU negotiation strategy
  • A vote for UKIP at the next election would be "a vote for Labour"
  •  He would scrap the Human Rights Act
  •  Every teenager could have a place on the National Citizenship Service

A future Conservative government would protect the NHS budget, he said, adding: "You can only have a strong NHS if you have a strong economy."

Shadow chancellor Ed Balls accused Mr Cameron of attempting to "pull the wool over people's eyes" by promising a tax cut without explaining how it would be paid for.

Simon Walker, director general of the Institute of Directors, said: "We await the details of how such reforms will be financed. Increasing the personal allowance is particularly expensive to the Exchequer."

If you need any help and advice with Corporate or Personal Tax returns, contact ABDS to discuss how we can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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