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Less to be affected by 40p tax?

07.03.14

Backbench Tories want Chancellor George Osborne to raise the threshold of the 40p tax bracket in this month's budget so it doesn't affect as many workers.

The 40 per cent tax threshold currently sits at £41,450, but some of the senior Tories want it raised it to £44,000 to prevent teachers and police officers who 'don't consider themselves even remotely privileged or rich' from falling into it.

As the UK moves closer and closer to economic recovery, David Ruffley, a member of the Treasury Select Committee has said the move could be a 'game changer' in terms of 2015's General Election.

Mr Ruffley told The Daily Telegraph: 'The people who are low paid have had tax reductions. Hasn't the time come to focus on people who are not rich but the striving middle? People who do not consider themselves to be remotely rich or privileged but now find themselves paying 40p in the pound?'

The 2014 Budget falls on Wednesday 19th March. Follow Consort on Twitter for updates.

Many self-employed contractors who are working with Consort could benefit from this proposed change, and any rise in tax threshold is good news. Remember, you can claim any work-related expenses against your taxable income. Click here to register.

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