The income tax personal allowance is set to increase to £9,440 in April 2013, as announced in the Autumn Statement. It is estimated that this measure will lift 1,000 taxpayers in Sunderland out of income tax altogether. This will give people a £267 total cash tax cut over the course of the next financial year.
The rise in the income tax personal allowance is good news for many people in Sunderland as it gives a significant boost to their take home pay. With many families under financial pressure, this is a welcome measure which will ensure that hard-working people are able to keep more of their own money.