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Budget 2014: Basic rate tax allowance upped to £10.5k

Budget 2014: Basic rate tax allowance upped to £10.5k

The government is to increase the basic rate tax allowance to £10,500 a year, saving the average taxpayer an estimated £800, the chancellor George Osborne has announced, costing the treasury an estimated £1.4 billion.

The increase, from a previous figure of £9,400, is a victory for the Liberal Democrats, who have been pushing hard for an increase to reduce the tax burden on the lowest paid.

Married couples transferable tax allowance will also go up to £1,050

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