Chancellor Alistair Darling has announced this afternoon he will raise the personal tax allowance by £600 with immediate effect.
This will mean every basic rate taxpayer will pay £120 less tax this year. The £2.7bn package will also mean higher earners’ tax will be unchanged. The Chancellor will hope the move will go some way to helping people hit by the government’s hugely controversial policy to scrap the 10p tax rate. IFAonline
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