by Iain Roberts on 26 January, 2015
8.3m families will benefit twice from the Liberal Democrat tax cut, new analysis has revealed.
Thanks to Liberal Democrats increasing the personal tax allowance to £10,600, these families will on average be £1,330 better off each year.
New research using HM Treasury’s tax and benefit model shows that our flagship policy of increasing the amount that people can earn before they pay income tax is vital in creating a fairer society.
Income tax cuts for working people were a top priority for Liberal Democrats when we entered the coalition in 2010 and one which we are proud to have delivered for millions of people.
In government Liberal Democrats have fought tooth and nail to deliver a tax cut worth £825 for more than 26m working people – something which the Conservatives said was not affordable.
And by raising the personal tax allowance to £10,600 we have lifted more than 3m people out of paying tax altogether.
As well as helping families make their money go further we’re also lifting the lowest paid out of paying tax.