Karl McCartney MP has welcomed the announcement that from yesterday over 24 million hardworking taxpayers will start to receive a new, personal Annual Tax Summary. This will set out how much direct tax they pay and how that money is being spent by politicians and their Government.
This will mean many hardworking taxpayers in Lincoln will see exactly how their taxes are being used. Karl McCartney, Lincoln’s Member of Parliament, backs Conservative plans to cut inefficient and ineffective spending so we can reduce the deficit and therefore cut income tax further.
24 million taxpayers (out of 29.9 million) across our Country will receive a personal Annual Tax Summary. Tax Summaries are going to everyone who has updated their tax position in the last two years. Someone will not receive a summary if they have not paid income tax in the last year, or if HMRC is waiting for information – such as a change of address, or PAYE information from their employer.
As part of the Conservatives’ long-term economic plan, income tax has already been cut for 26 million people in the last four years, with the typical taxpayer’s income tax bill cut by £705 since 2010. In Lincoln an estimated 42,360 people have had their income tax cut, with approximately 5,060 low earners taken out of paying income tax altogether – giving them greater financial security.
The Conservatives have committed to go further after the next election and cut taxes for 30 million people by raising the personal allowance to £12,500, and lifting the threshold at which people pay the higher rate of tax to £50,000.
Karl McCartney MP commented: “As Conservatives we believe taxpayers deserve to know how their Government spends the money they have earned and paid in taxes.
“These new personal tax summaries will deliver exactly that - letting many taxpayers in Lincoln find out how much direct tax they’re paying and what it’s being spent on.
"This will mean fairer taxes for everyone, with hardworking taxpayers able to hold politicians to account for how their money is spent.”.
-ENDS-