The government will be forced to respond to calls to hike the Personal Tax Allowance to a whopping £45,000. A petition on the Parliament website calls on the Labour Party government to “raise the standard tax-free Personal Allowance to £45,000”.
It states: ” The Personal Allowance is the amount of income a person can get before they pay tax. It stands at £12,570 in 2024. We would like the standard Personal Allowance raised to what we think is a more realistic figure of £45,000.
“We think that the Personal Allowance, as termed by the government, has been kept unreasonably low for far too long, at the expense of the poorest, most needy people in our society. We feel that the poorer majority should pay substantially less than the wealthy. We think that the tax system seems designed to make the divide between rich and poor increase exponentially.”
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The government responds to all petitions that get more than 10,000 signatures and the petition – which has 11,000 backers – is now “waiting for less than a day for a government response.” At 100,000 signatures, this petition will be considered for debate in Parliament.
The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on. Your Personal Allowance may be bigger if you claim Blind Person’s Allowance. It’s smaller if your income is over £100,000.
You can also see the rates and bands without the Personal Allowance. You do not get a Personal Allowance on taxable income over £125,140. You Personal Allowance may be bigger if you claim Blind Person’s Allowance. It’s smaller if your income is over £100,000.
You may also have tax-free allowances for your first £1,000 of income from self-employment – this is your ‘trading allowance’ and your first £1,000 of income from property you rent (unless you’re using the Rent a Room Scheme).