by rykdownes on 7 April, 2015
Every penny raised from cracking down on wealthy tax dodgers will fund tax cuts for middle and low earners under Liberal Democrat plans.
The Lib Dems will fund increases to the Personal Allowance to £12,500 with money raised from evasion and avoidance after the job of deficit reduction is complete by 2017/18.
Liberal Democrats will also increase the tax rate on dividends for higher and additional rate taxpayers to fund a commitment to increase the threshold to £11,000 in the first year of the next parliament.
The detailed plans come a day after the Lib Dems delivered on their 2010 commitment to raise the Personal Allowance to £10,600, which will deliver a tax cut worth £825 to those on middle and low incomes.
The Liberal Democrats put raising the level at which people pay tax to £10,000 on the front page of our 2010 manifesto. We delivered this and more in this parliament and will go further in the next – increasing the Personal Allowance to £12,500 by the end of the parliament.