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Winners and losers under the coalition's tax plans Telegraph.co.uk

13.05.10

In line with the target set in the Lib Dem manifesto, the coalition committed itself to "a longer term policy objective of further increasing the personal allowance to £10,000" and added that this will take priority over Tory plans to cut inheritance tax.

About 3.6m people who are currently required to pay income tax would escape the grasp of HM Revenue & Customs (HMRC) if the threshold was raised to from its current level of £6,475 to £10,000. That would free many of them from Labour's paperchase of paying tax on modest incomes and then being required to fill in forms to claim rebates in the form of means-tested tax credits.

Mike Warburton of accountants Grant Thornton said: "They cannot afford to raise the threshold to £10,000 straightaway because that would cost about £17bn. I would expect them to raise the personal allowance by about £700 per year, which would get them to their objective of raising the starting point of income tax by £3,500 over the lifetime of this Parliament."

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