Increase income tax threshold quicker says Clegg

Deputy Prime Minister Nick Clegg has told the government to raise the threshold for payment of income tax to £10,000 faster, and not to wait to 2015.

The coalition government had promised to increase the threshold by the next election, but that is not for another 3 years, and Mr Clegg says families in the UK are in a "state of emergency". The income tax threshold was raised to £7,474 in the 2010 Budget, and was planned to be increased to £8,015 this March, but Mr Clegg is urging the government to go "further and faster in delivering the full £10,000 allowance".

Mr Clegg recognised the difficulty of finding the estimated £9billion that £10,000 threshold would cost the government in income tax contributions, but continued his party's policy of saying that the shortfall would be made up by taxes on the wealthy. He continues to campaign for the so-called 'mansion tax' which would affect properties valued over £2million.

If you live in Northern Ireland and require advice on income tax, inheritance tax, capital gains tax, or general tax planning, contact Wilson Nesbitt solicitors in Belfast by calling 0800 840 9288.

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