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<p>The government has committed to raising the income tax personal allowance to £12,500
by the end of this parliament, alongside our commitment to raise the higher rate threshold
to £50,000. These changes will benefit over 30 million individuals.</p><br /><p>Summer
Budget 2015 set out the first step in meeting this commitment. The personal allowance
will increase from £10,600 in 2015-16 to £11,000 in 2016-17, and £11,200 in 2017-18.</p><br
/><p>These changes will benefit over 29 million individuals and take 570,000 individuals
out of income tax altogether by 2016-17. This will increase to over 660,000 by 2017-18.
A typical basic rate taxpayer will see their income tax bill reduced by £905 by 2016-17,
compared to 2010.</p>
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