But the amount of capital gains you can make before paying tax remains the same at £10,600 - there is no increase in the tax-free threshold.

Capital acquisitions tax is charged to the recipient of gifts or inheritances, at the rate of 25% above a tax-free threshold.

Nick Clegg has recognised that the bringing forward of the £10,000 tax-free earning threshold would have substantial benefits.

When aid comes through the government, everyone who earns above the tax-free threshold contributes something, with more collected from those with greater ability to pay.

A lower tax-free threshold: People will now pay tax on income over €8,000 a year, down from €12,000.

Personal income tax will be reduced for those who earn less than $80,000 per year and the tax-free threshold increased from $6,000 to $18,200.

The current tax-free threshold is $18,200, and the highest marginal rate for individuals is 45%.

The LITO creates an effective tax-free threshold of $16,000 for low income earners.

For an employee's primary job, the withholding tax rate is lower because of the existence of a tax-free threshold in Australia.

All other work has tax withheld based on a rate that excludes the tax-free threshold.