The official start of the new tax year has sparked a fresh battle between Labour and the Conservatives over their respective economic plans.

David Cameron says 94% of working households are better off under tax and benefit changes brought in on Monday.

However, Labour’s Ed Balls claims the result is that families are on average £1,100 a year worse off than in 2010.

Both parties say their rivals have secret plans to raise taxes if they win the general election.

So your TAX Allowance does exactly what???


How your taxes are REALLY spent: Millions to be sent statements showing exactly where their cash goes – and a QUARTER of it pays for benefits:

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