Set the income tax personal allowance to £15,597 & higher rate to £62,379.02

Background

Set the tax free allowance at £15,597, calculated via the Bank of England inflation calculator Vs 2021 when the current rate was set. The same for the higher rate, currently £50,271 set in 2021, this should be £62,379.02.

Additional details

We think this would give more people money in their pockets to pay their bills and rely less on government help. This could also mean more money being spent so more VAT in the governments pocket too. We are currently suffering fiscal drag because of this and the previous government chose to freeze thresholds but we think this is a stealth tax. As we pay more for goods, our tax free allowance stays the same meaning we're getting poorer.

Where it’s popular

Constituencies with the most signatures on this petition.