Reform promises to increase tax-free personal allowance to £15,000
Summary
Reform UK plans to raise the tax-free personal allowance to £15,000 if they win the next UK general election. This change would reduce taxes for millions but cost billions, which Reform UK says they will cover by cutting public spending.Key Facts
- Reform UK wants to increase the tax-free personal allowance from £12,570 to £15,000.
- This would save most taxpayers about £500 a year.
- About 2.9 million people would stop paying income tax altogether.
- The policy would cost £17.7 billion in the first year and £21 billion by year five.
- Reform proposes to fund the tax cut through £80 billion in public spending cuts.
- Planned cuts include £50 billion in welfare spending, excluding the state pension.
- Other proposed cuts include scrapping some climate programs, reducing civil servant numbers, and capping foreign aid.
- Reform UK's long-term goal is to raise the tax-free allowance to £20,000.
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