Tuesday, 13 May 2008

Mr Darling increases Tax Allowances!!!

Mr. Darling, the Chancellor of Exchequer, is going to increase tax payer's personal income tax allowance by £120 a year in abolishing the 10p starting income tax band. I think this is a very good move by the Chancellor because it will definately help poorer people in getting back some of the money when the 10p starting income tax band was abolished beginning of April 2008.

What people will get is actually quite substantial. Just look. For the first £2000, tax payer will get an allowance of 10p which will come up to £200. By providing £120 for tax payer, we will be much better but still £80 worst off. Anyway, it is better than nothing at all. I have to given him some credits as he is doing his best. After all, it has never been a good time to be the Chancellor of Exchequer during the credit crunch and also the fall of Northern Rock. Hat off to him.,p>

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