- Thursday, 13 May 2010Consumers following a
debt management plan could feel the benefits of the tax threshold which will be introduced by the new coalition government.
This policy will help lower or middle income earners who will notice the difference in their bank balances, suggests an expert.
Matthew Elliot, chief executive of the Taxpayer's Alliance, which campaigns for lower taxes, said: "Many people are going to notice the difference in their bank balance with the income tax threshold being raised to £10,000. This is not just good news for taxpayers' wallets; it will also nurture the economic recovery."
Consumers who earn less than £10,000 a year won't have to pay income tax and employees will also be exempt from paying on the first £10,000 they earn, meaning that they will have extra money to factor into their
debt management plans.
On May 11th, the Conservatives and the Liberal Democrats agreed to form a coalition government as no single party won a majority in the general election on May 6th.
The two parties have reached a consensus on some financial issues and plan to increase the tax threshold in April 2011 but they will not cut inheritance tax or introduce tax breaks for married couples in the immediate future.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960