Richard Mannion, national tax director at Smith & Williamson, the accountancy and investment management group says:
The chancellor today announced that he will raise the personal tax allowance at a faster pace in an effort to take millions of low earners out of the tax system all together.
The tax-free allowance currently stands at £7,475 and will increase to £8,105 this April. However, the big news is that it will reach £9,205 in April 2013 instead of the previously announced £8,735. Effectively a £1,100 increase.
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