Chancellor raises personal tax allowance

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People will be able earn up to £10,500 tax free from April 2015, an increase of £500 in the personal allowance, Chancellor George Osborne said today in his Budget.

This will be worth £100 to a typical basic or higher-rate taxpayer and will lead to a further 288,000 individuals no longer paying income tax, the Treasury said. 

Around 25 million people will be better off by an average of £50 from the increased allowance, the Treasury also said. By April 2015, more than 3.2 million people will have been lifted out of income tax.

The government also announced...

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