British Prime Minister David Cameron said a re-elected Conservative government would raise the threshold for the country’s 40 percent rate of income tax and allow people to earn more before they start paying income tax.
“I want to take action that’s long overdue and bring back some fairness to tax,” Cameron said to cheers from members of his Conservative Party at its last annual conference before May’s national election.
The threshold for the 40 percent rate would be raised to 50,000 pounds ($80,905) from its current level of 41,900 pounds, he said.
Cameron also said the tax-free allowance for personal income tax would be raised to 12,500 pounds from its current level of 10,500 under a future Conservative government.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.