New petition calls for people to earn £20,000 before paying tax during cost of living crisis

dailyrecord.co.uk:

A new online petition is calling on the UK Government to increase the tax-free Personal Allowance threshold to “help families survive” the ongoing cost of living crisis.

The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on. However, the new petition proposes that the limit be raised to “above £20,000” to “alleviate the severe pain that the common people are enduring” as a result of high inflation and soaring energy bills.

More than 10,140 people have already signed the petition on the petitions-parliament website which means it has now passed the required response threshold.Due to the festive period and parliamentary recess, a response is not expected until the new year, but it’s worth noting that at 100,000 signatures the petition would be considered for debate by MPs in Parliament.The petition reads: “Currently, the standard Personal TAX Allowance is £12,570, which is the amount of income you do not have to pay tax on.“With the cost of living crisis, historic high inflation and rising interest rates, everyone is struggling and the threshold needs to be raised to above £20,000 to help families survive.“With the fuel crisis, cost of living crisis, historic high inflation and rising interest rates everyone is struggling to make ends meet and it is only going to get worse before it gets better."The petition adds: “Lots of people will default on mortgages as interest rates are raised and there is a clear need for the tax system to keep up with the changing times.“The standard Personal Allowance of £12,570, needs to be reviewed and raised to over £20,000 to alleviate the severe pain that the common people are enduring.