Greg Hands, MP for Chelsea and Fulham, has welcomed the introduction of the new personal Annual Tax Summary, which is being sent to taxpayers across the country. Starting yesterday, over 24 million hardworking taxpayers will start to receive the new Tax Summary statement which sets out how much direct tax they pay, including Income Tax and National Insurance, and how that money is being spent by the Government.
This will mean most taxpayers in Chelsea and Fulham will see exactly how their taxes are being used. Greg Hands backs Conservative plans to cut inefficient and ineffective spending so we can reduce the deficit and cut income tax further.
24 million taxpayers (out of 29.9 million) across the country will receive a personal Annual Tax Summary. 16 million PAYE taxpayers will receive their summary in the post over the next seven weeks, and 8 million self-assessment taxpayers will be able to access their tax summary online Tax Summaries are going to everyone who has updated their tax position in the last two years. Someone won’t get a summary if they haven’t paid income tax in the last year, or if HMRC is waiting for information – such as a change of address, or PAYE info from their employer.
Greg Hands MP said: “As Conservatives, we believe taxpayers deserve to know how the Government spends the money they have earned and paid in taxes. These new personal tax summaries will deliver exactly that - letting many taxpayers in Chelsea and Fulham find out how much direct tax they’re paying and what it’s being spent on. This is part of delivering more transparent Government, and will mean fairer taxes for everyone, with hardworking taxpayers able to hold politicians to account for how money is spent.”
As part of the Conservatives’ long-term economic plan, income tax has already been cut for 26 million people, by the raising of the personal allowance and a cut in the top rate of income tax, with the typical taxpayer’s income tax bill cut by £705 since 2010. In Chelsea and Fulham an estimated 46,440 people have had their income tax cut, with approximately 5,120 low earners taken out of paying income tax altogether – giving them greater financial security.
Greg added: “I am pleased that the Conservatives in Government are cutting taxes for working people and ensuring work pays. Over 46,000 taxpayers in Chelsea and Fulham now pay less tax than they did under the last Government, and this represents over half of my constituents. Only by electing a Conservative government at the next election can we ensure that taxes for hardworking people continue to fall; Ed Miliband has made it clear that Labour would pursue a path back to the bad old days of high tax, higher spending, and even higher borrowing.”
The Conservatives have committed to go further after the next election and cut taxes for 30 million people by raising the personal allowance to £12,500, and lifting the threshold at which people pay the higher rate of tax to £50,000.