Support for families and businesses in the new tax year

Jeremy Lefroy MP has welcomed steps taken by this Conservative Government to support families and businesses at the start of the 2018-19 tax year.

Steps taken by the Government to achieve a balanced approach to public finances in the new tax year include:

  • Increasing the tax-free Personal Allowance from £11,500 to £11,850, meaning that a typical basic rate taxpayer will pay £1,075 less in income tax in 2018-19 than in the last year under Labour.
  • Giving over 2 million workers a pay rise by increasing the National Living Wage and the National Minimum Wage.
  • Increasing the full basic State Pension by 3 per cent to £125.95 per week (more than £6,500 per year), giving pensioners greater security in retirement.
  • Freezing fuel duty for the eighth successive year.
  • Freezing all alcohol duties.
  • Cutting stamp duty for 95% of first time buyers.
  • Increasing the threshold at which people begin to pay back their student loan to £25,000.
  • Backing the high street by switching the business rates indexation two years earlier than planned. 

If you have any further questions on these matters please do not hesitate to contact my Westminster office at jeremy.lefroy.mp@parliament.uk or 0207 219 7154.