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What are the Major Parties’ Policies on the Personal Allowance?

So with the general election coming up I thought it would be a good idea to try and find out what each party proposes to do with regard to the personal allowance. It has not been wholly easy to get this information but I have searched around and below is a summary of what I an find out:

Labour – I can’t actually find specific information on the personal allowance itself (that is not to say that there isn’t a specific policy on this but it is just difficult to find if there is) – however, they have pledged to reintroduce the 10% initial tax rate – one that was abolished by the previous labour government.

Both the Conservatives and the Liberal Democrats have pledged to increase the personal allowance to £12,500 – the Conservatives say this will be done by 2020 and the Lib Dems say they will do it within a year of coming to power.

UKIP have said in the past that they will increased the personal allowance to £13,500, the highest of all of the big players.

Categories: General Election
Marian: Marian worked in pensions/finance for 12 years including gaining the Associateship of the Pensions Management Institute. She has a keen interest in finance, taxation and property and spends time reasearching and writing articles on these topics.