Via Share The Facts, new tax and benefit changes have come into effect:
They’re the latest part of our plan to give more security to hardworking taxpayers. They include:
- Raising the level at which people start paying income tax to £10,600 – cutting tax for over 26 million people and lifting over three million out of tax altogether since 2010
- Giving people freedom over their pensions – so you’re not forced to buy an annuity when you retire, but free to spend and save your money how you wish
As a result of our changes 94% of working families are, compared with last year, £17 a month better off – equivalent to £200 a year. And nine out of ten pensioner households are £15 a month better off – or £180 a year. Overall that’s 22 million households with more financial security – and shows that we’re rewarding people who work hard, save and do the right thing.
Labour left a welfare system that didn’t make work pay and a tax system that took too much of people’s hard-earned money. They penalised pensioners and did nothing for savers.
Our changes give real and lasting financial security to hardworking taxpayers – and will help secure a better future for Britain.