Income Tax: Tax Allowances
(asked on 9th February 2015) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make an estimate of the number of people currently paying income tax who would not pay that tax if the threshold at which it begins to be payable were to be raised to £15,000 per annum.
This question was answered on 25th February 2015
It is estimated that raising the personal tax allowance to £15,000 in the year 2015-16 would take 6.2 million individuals out of income tax liability at a cost of £26 billion to the Exchequer.
These estimates are based on the 2011-12 Survey of Personal Incomes projected forward to 2015-16 using economic assumptions consistent with the OBR’s December 2014 economic and fiscal outlook.