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10pc tax set to return

14.02.13

The 10 percent tax rate which Gordon Brown abolished in 2008 is set to be reinstated, according to both the Labour and Conservative leaders. 'We won't forget the abolition of the 10p tax rate,' Prime Minister David Cameron told Ed Miliband during a debate in the Commons yesterday.

Before it was quashed, the low-rate 10p tax was applied to the first £2,500 of each earner's taxable income. If it is reintroduced by the coalition, each British tax payer will potentially save £250.

Today, Mr Miliband addressed an audience at a training centre in Bedford and revealed his party's plans to reinstate the tax.

'We would put right the mistake made by Gordon Brown and the last Labour government,' announced the Labour leader.

'We would use the money raised by a mansion tax to reintroduce a lower 10p starting rate of tax'.

A proposed 'mansion tax' has been on the cards for a while – properties worth £2m or more will be subject to an additional tax.

It would be fair to presume that Mr Cameron will officially announce the reintroduction of this particular tax before the next General Election (May 2015).

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