{"id":563,"date":"2025-03-18T12:35:57","date_gmt":"2025-03-18T13:35:57","guid":{"rendered":"http:\/\/portraitsbylorie.com\/?p=563"},"modified":"2025-03-19T16:47:21","modified_gmt":"2025-03-19T16:47:21","slug":"petition-to-raise-personal-tax-allowance-reaches-200k-signatures","status":"publish","type":"post","link":"http:\/\/portraitsbylorie.com\/index.php\/2025\/03\/18\/petition-to-raise-personal-tax-allowance-reaches-200k-signatures\/","title":{"rendered":"Petition to raise personal tax allowance reaches 200k signatures"},"content":{"rendered":"<\/p>\n

A <\/span>petition<\/span><\/a> calling for the government to increase the personal tax allowance threshold is once again gaining traction after it was posted on the parliament website last month.<\/span><\/p>\n

In total, the campaign has now reached over 200,000 signatures and is rising daily. Alan Frost, who started the petition, has requested that the government raise the <\/span>income tax<\/span><\/a> personal allowance from £12,570 to £20,000, in order to help low earners and pensioners navigate the ongoing cost of living crisis.<\/span><\/p>\n

In response to the petition, the Government said it is “committed to keeping taxes for working people as low as possible while ensuring fiscal responsibility.”<\/span><\/p>\n

What is the personal allowance?<\/h2>\n

The personal allowance is the amount of income someone is entitled to earn without paying tax, per year. As of now, the threshold for personal allowance is set at £12,570. It has not been raised since the 2018\/19 tax year.<\/span><\/p>\n

The personal allowance decreases for those who earn over £100,000 per year. For every £2 earned over £100,000, £1 of tax-free allowance is deducted.<\/span><\/p>\n

Self-employed people qualify for both the personal allowance and the ‘trading allowance’, which allows them to claim the first £1,000 of their taxable profits, tax-free.<\/span><\/p>\n

If you earn over the threshold, you’ll be liable for up to 45% income tax, depending on the amount you earn annually. The current tax rates for this financial year are:<\/span><\/p>\n