Wednesday, 23 March 2011

Another step to £10,000 allowance...

Look ahead to the election campaign of May 2015. Wouldn't it be nice, thinks Chancellor Osborne - if it's still him - to go into it with a £10,000 personal tax allowance already implemented?

That would mean a £10,000 allowance starting in April 2015.

The 2011-12 allowance is £7,475. To get to £10,000 by the next election requires four steps.

If each step was equal, the annual jump in the allowance would be £631.

What's the rumour about today's Budget announcement? That there will be a £600 rise. No surprises then...

A reminder of what they said in the Coalition Agreement:

"We will further increase the personal allowance to £10,000, making real term steps each year towards meeting this as a longer-term policy objective."

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