News on income tax for York residents.
7:40am 23rd March 2011
Tens of thousands of York residents will soon be paying less income tax, thanks to changes introduced by the Coalition Government.
The Government is implementing the Liberal Democrat policy of raising the threshold at which standard rate taxpayers begin to pay tax to £10,000 from the current level of £6,475.
The first stage of this policy is to raise the threshold by £1000 from the beginning of the new financial year in April. The changes will mean standard rate taxpayers will pay around £200 less tax over the year, while more than 3000 people in York will be removed from paying income tax all together.
The threshold will then rise every year until it reaches £10,000, taking more than 3 million people from across the country out of paying income tax.
Liberal Democrat Councillor for Haxby and Wigginton, Paul Firth said:
"Many local people are feeling the pinch at the moment, with their incomes needing to cover increasing fuel and food prices.”
“The change in the income tax threshold is essentially a tax cut for standard rate taxpayers and I am sure the thousands of local people who will benefit will welcome the Government taking less of their hard earned money.”
Councillor Firth added:
“It is great to see one of the main Lib Dem policies from the general election being put into practice and benefitting local people.”
“Over the next few years the threshold will be raised even further meaning even more people will stop paying income tax, while other standard rate payers will get to keep even more of their earnings.”
|Get the latest local news direct to your inbox.
Sign up now for our email updates.