Theresa May has welcomed confirmation that over 42,000 people living in the Maidenhead area will benefit from an income tax cut as a result of this year’s Budget, which announced that the amount people can earn before paying income tax – the personal allowance – will rise to £10,000 in April 2014. People in Maidenhead will be over £700 better off every year compared to 2010. Across the UK, 24 million people will see a tax cut and almost three million more of the lowest paid people will pay no income tax at all.
The tax cut will benefit an estimated 42,687 people in the Maidenhead constituency. In April 2014, 359 people will be lifted out of income tax, taking the total number of people in Maidenhead lifted out of tax altogether since 2010 to an estimated 4,077. This means that every person paying tax at the previous 10p rate under the last Government will now be paying no income tax at all on that income.
Commenting, Theresa said: “It is fantastic that over 42,000 people in the Maidenhead area will benefit from an income tax cut following the Chancellor’s Budget. This will be real help for families at a time when household finances are understandably tight. Lower earners will particularly benefit by being taken out of income tax altogether.”
