§ I shall return later in my statement to the existing indirect taxes, and particularly to VAT, but before I do, let me set out my proposals for direct taxation.
935§ First, I propose to freeze again the personal allowance for income tax, the threshold for higher rate tax and the income limit for the age-related allowances. I do not propose to change the inheritance tax threshold or the exempt amount for capital gains tax; or the lower, basic or higher rates of income tax. The 20p lower band will be extended by a further £500 next year as planned, to £3,000.
§ I intend to raise one allowance which has been frozen for the last four years —the blind person's allowance. This will rise next April from £1,080 to £1,200.
§ These proposals will yield £560 million in 1994–95, relative to an indexed base, rising to £745 million in 1995–96.
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- MARRIED COUPLE'S ALLOWANCE 79 words c935
- MORTGAGE INTEREST RELIEF 105 words