The new tax year begins...

 

As we enter a new Tax Year, a new tax allowance comes into play removing millions of people out of income tax altogether.

When the Conservatives came to power in 2010, you could only earn £6,475 tax-free. But, from today, you can now earn £10,600 before you pay any income tax.

This is a tax cut for over 26 million people - and it means that over 3 million people have now been taken out of income tax altogether.

If David Cameron is returned at the General Election, Conservatives will raise the personal tax-free allowance to £12,500, taking another million out of tax, and make sure no-one earning below £50,000 pays the 40p rate of tax.