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Saturday
May082010

Income Tax is Important Area for Lib Dems in the Event of a Hung Parliament

I have been watching the updates on the run up to the General Election closely of late, and the one thing that stands out more than any other is the prospect of a hung parliament.  Many people fully expect this to be the outcome, because while the Conservatives hope to win outright they will have to work very hard to do so.

While the Tories are still ahead of Labour they have only the slightest of margins, and it is this that would lead to no outright winner if it were to be replicated once we all head for the polling booths.

All of this has brought the Lib Dems into much sharper focus than we have seen before.  I suspect they are right to focus on what will happen with a hung parliament result, as this could well be the most likely outcome.  And to this end they have focused largely on taxation as a point of concern.

They want to bring in a new rule which means anyone can benefit from having their first £10,000 of income from any job free from tax.  Most people would benefit from this to the tune of several hundred pounds, so it would be popular with voters.  Many of those with part time jobs would therefore pay no income tax at all.

My question was how they would make this a reality – after all they have to pay for it elsewhere.  The idea of tax avoidance and getting rid of any loopholes people use to avoid paying it would be the answer here, according to the Lib Dems.

Regardless of whether this happens or not, I would encourage you to contact St Matthew today if you have any concerns over your own tax situation.

 



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