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For the many, not the few

March 21, 2012 12:15 PM
Originally published by UK Liberal Democrats


A £3.5bn tax cut for working people

  • Biggest single ever uplift in the tax threshold
  • 21 million working people getting an extra £220 tax cut
  • Tycoon Tax raises FIVE times as much from the super-rich

The Liberal Democrats have ensured this is a budget for the millions not for the millionaires, delivering a £3.5billion tax cut to average working people.

That's why the biggest move in this Budget is a tax cut for ordinary workers, going further and faster towards the Liberal Democrat goal of making the first ten thousand pounds you earn tax-free. From the front page of our manifesto directly to the pockets of working people.

Thanks to Liberal Democracts, people working full time on the minimum wage, will have seen their income tax bill cut in half.

We have delivered on Nick Clegg's pledge to go further and faster on the personal tax allowance. This means that 21m basic rate taxpayers will get an extra £220 cut in their income tax bills and a further 840,000 people will be taken out of paying income tax altogether.

  • This Budget brings the personal allowance to £9,205 in April 2013
  • This Budget brings the total tax cut for basic rate tax payers to £550.
  • This Budget brings the total number of people lifted out of tax to 2 million.

Lib Dem Top Ten

  1. Biggest ever uplift in the tax threshold to £9,205
  2. 21 million working people getting an extra £220 tax cut
  3. Tycoon Tax raises FIVE times as much from the super-rich
  4. Cutting corporation tax to help British business
  5. Stamp duty increased to 7% for multi-million pound homes
  6. Lib Dem tax cuts have saved average working people £550
  7. 2 million low paid no longer face income tax
  8. New 15% tax on companies buying property over £2m
  9. Child benefit protected for middle-class families
  10. Getting more money from the banks to loan more to British businesses
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