October 26, 2018 / 9:16 PM / a year ago

Hammond to bring forward tax cuts by a year - Telegraph

FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond delivers his keynote address at the Conservative Party Conference in Birmingham, Britain, October 1, 2018. REUTERS/Toby Melville

(Reuters) - UK Chancellor of the Exchequer Philip Hammond is preparing to use his budget to cut income tax for millions, bringing forward the date by one year to April 2019, the Telegraph newspaper reported on Friday.

The move would benefit more than 30 million taxpayers, in a budget boost for Brexit, the Telegraph reported.

Hammond in his annual budget speech in 2017 had stressed on increasing the threshold at which people start paying income tax to 12,500 pounds ($16,033.75). (reut.rs/2Po7L4t)

The income tax cut plan is expected to cost UK’s treasury up to 5 billion pounds, the newspaper reported.

Reporting by Shubham Kalia in Bengaluru

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