The tax bill of thousands of self-employed workers in Stockport has been cut by £593 this January after the Liberal Democrats pushed through a rise in the personal allowance, according to Andrew Stunell MP & Lisa Smart, Prospective MP for Hazel Grove.
Commenting, Lisa Smart, Prospective MP for Hazel Grove, said -
“Thanks to the Liberal Democrats in Government thousands of Stockport’s self-employed are well over £500 better off as a result of this tax cut.”
“Raising the personal allowance not only helps workers but puts more money in the pockets of our local small business owners, who are the lifeblood of our economy. This is a flagship Liberal Democrat policy and I’m delighted to see that it will make a difference to local people in Stockport.”
Sir Andrew Stunell MP said –
“The January self-assessment tax forms were the first to show the Coalition's income tax cut, introduced in April 2013, and that has benefited two million people to the tune of £593 each. I’m delighted that we have delivered this Liberal Democrat policy, despite David Cameron trying to rubbish it before the last election.
The Liberal Democrat policy of raising the personal income tax allowance not only gives a £825 tax cut to millions of working people paying basic rate tax, but is also delivering for the self-employed, too. This is a boost to the entrepreneurs of Britain - to the men and women who are doing so much to rebuild our stronger economy and power our growth.”
Treasury analysis also shows the number of self-employed benefitting from a tax cut will rise to 2.4 million in the coming year, with each person saving £825 when they file their returns in 12 months’ time.