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B123 - Taxation Act 2009 (conservative)Taxation Act 2009 (Conservative)
An Act to increase the personal tax allowance, taking c.24 million of the poorest British people out of income tax altogether, saving people up to £5,000 each, and making a corresponding 13% cut in public spending to bring it back down to just above 2006 levels.
BE IT ENACTED by The Queen's most Excellent Majesty, by and with the advice and consent of the Commons in this present Parliament assembled, in accordance with the provisions of the Parliament Acts 1911 and 1949, and by the authority of the same, as follows:-
1. Increases in the income tax allowance thresholds.
(a) The Personal Allowance for income tax shall increase from £6,035 (in 2008-09) to £30,000.
(b) The Personal Allowance for people aged 65-74 shall increase from £9,030 to £32,000.
(c) The Personal Allowance for people aged 75 and over shall increase from £9,180 to £34,000.
(d) The Married Couple's Allowance in its current form shall cease to exist.
(e) A new Married Person's Allowance shall be created. This will apply to any person who:
- is married or is in a civil partnership AND
- who shares residence with their spouse/civil partner.
This will increase the existing Personal Allowance of each partners by £500.
(f) The Blind Person's Allowance shall continue to be £1,890 in addition to the person's original Personal Allowance.
2. Rates of tax
(a) A person shall pay Income Tax of 20% on the first £9,825 of any earnings which exceeds his Personal Allowance.
(b) A person shall pay Income Tax of 40% on any earnings which exceed both his Personal Allowance and the first £9,825 upon which he is already paying Income Tax, but which are less than £150,000 in total.
(c) In accordance with the Tax Bill 2008, all earnings over £150,000 will be taxed at a rate of 45%.
3. Decrease in public spending.
Government expenditure in the financial year 2009-2010, as announced in the 2009 Budget report, shall not exceed £536,000,000,000.
3.1 - All QUANGO's deemed unneccesary by the executive will be cut which will reduce spending by around £30 billion.
3.2 - £13.2 Billion will be raised through the passing of the Pensions Act 09.
3.3 - £3 Billion will be saved through the introduction of clause 2c (previous entitled the 'Tax Bill 08' (Labour).
3.4- Further revenue will be raised from the removal of the tax credit system.
4. Commencement, short title and extent
(a) This Act may be cited as the Taxation Act 2009.
(b) Sections 1 and 2 of this Act shall come into force at the start of the tax year commencing 6th April 2009.
(c) Section 3 of this Act shall come into force 3 years upon the passing of this Act.
(d) This Act extends to England, Scotland, Wales and Northern Ireland.
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