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Tories may follow Lib Dems with £12,500 personal allowance

The Conservatives are considering a bold pitch to mirror the Liberal Democrats’ flagship election policy to raise the income tax personal allowance to £12,500 in the next parliament.

The Financial Times reports senior Tories are considering including the pledge in its 2015 general election manifesto.

At its conference in Glasgow last month, the Liberal Democrats voted to raise the allowance to £12,500 over the next parliament to take everyone earning the minimum wage out of income tax.

The allowance will rise to £10,000 next April, a policy pushed through by Lib Dems. Deputy Prime Minister Nick Clegg has attacked the Conservatives for claiming credit for raising the allowance even though they opposed it before the last election.

Treasury Chief Secretary Danny Alexander blasted the “bloomin’ cheek” of Conservatives for trying to claim credit for the tax cut. Ukip also wants to raise the personal allowance to a level above the minimum wage, around £12,300.

A senior Tory source told the FT: “We will have to see if the numbers add up nearer to the election, but of course we are very keen to do it.”

A Tory cabinet member told the FT it would be the party’s answer to Labour’s promises to freeze energy bills and re-introduce the 10p tax band.

Chancellor George Osborne has also revealed the Autumn Statement will take place on December 4 and will include no “tax sweeteners” from the revenue created by higher growth.



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