LONDON (Reuters) - The government will raise the personal tax allowance to 10,000 pounds in 2014-15, a year earlier than expected, Chancellor George Osborne said on Wednesday.
The coalition government had previously pledged to raise the threshold before people starting paying tax on their income to 10,000 pounds before the end of this parliament in 2015.
“Almost three million more of the lowest paid will pay no income tax at all,” Osborne told parliament in his budget statement. “It is a historic achievement for this government.”
Reporting by Peter Griffiths; Editing by Guy Faulconbridge