top of page
  • Lord Moylan

Written Question: Withdrawal of Personal Allowance

Lord Moylan: To ask His Majesty's Government what estimate they have made of the reduction in income tax receipts that would result per annum from restoring the Personal Allowance to those earning over £100,000 a year.


Parliamentary Secretary, HM Treasury (Lady Penn): The Government does not publish this information.


For individuals with income above £100,000, the Personal Allowance (PA) is withdrawn gradually, with £1 of allowance lost for every £2 of income above the income limit of £100,000. This reduction continues until the PA is completely withdrawn for those with incomes above £125,140.


The total income tax liability for those earning above £100,000 is published online in Table 2.5 of HMRC’s income tax liabilities statistics. For the 2022-23 tax year, this is estimated at £123 billion, almost half of the estimated income tax revenue for this year.


As with all aspects of the tax system, the Government keeps the withdrawal of the PA under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.


Related Posts

See All

Written Question: Motorcycle Regulation

Lord Moylan: To ask His Majesty's Government what assessment they have made of how a simplified licensing process for powered light vehicles would impact (1) the uptake of powered light vehicles, (2)

Written Question: Motorcycle Licensing

Lord Moylan: To ask His Majesty's Government whether they have made an assessment of how the Motorcycle Industry Association’s proposals to incentivise the progressive access licensing route would imp

Comments


bottom of page