Over 50,000 people in Maidenhead to benefit from income tax cuts
- Jul 21, 2015
- Westminster news
Theresa May has welcomed further income tax cuts for people in Maidenhead. In the Summer Budget, the Chancellor set out the next steps in his plan to support working people by ensuring they keep more of the money they earn. The personal tax-free allowance will increase by £400 to £11,000, so that next year a typical rate income taxpayer will be £905 better off compared with 2010. Meanwhile, the threshold for the higher rate of tax will increase to £43,000, saving the typical higher rate taxpayer £142 and lifting 130,000 people out of the rate altogether.
Over 50,000 people in the Maidenhead constituency will benefit from changes to the personal allowance, and over 800 will be taken out of income tax altogether.
The Budget also introduced a new National Living Wage for over 25s, which will mean two and a half million people get a direct pay rise. Those currently on the minimum wage will see their pay rise by over a third during this Parliament – a cash increase for a full time worker of over £5,000.
Commenting, Theresa said: “This Budget is important in continuing to move Britain towards being a higher wage, lower tax, lower welfare economy. The new National Living Wage and the increases in the personal allowance will mean a pay rise for millions of people across the country. It is fantastic that over 50,000 people in Maidenhead are going to benefit from these changes – this means local people keeping more of the money they’ve earned, giving them and their families more financial security for the future.”