What are the income tax rates 2019 and calculate how much you’ll pay if Boris Johnson increases the threshold to £80,000?

Who are the winners under Boris Johnson's plans?

As it stands, the key winners under Boris Johnson's plans are those who earn more than £50,000 and those who have hit state pension age and no longer pay national insurance.

Nimesh Shah, a partner at tax and accountancy firm Blik Rothenberg says these higher earners will be up to £6,000 a year better off under the plans based on our current national insurance thresholds - see the table below for how much better off you'll be.

However, if Mr Johnson hikes national insurance to match a higher income tax threshold this would "significantly erode" any overall benefit for workers.

Mr Shah said: "Ignoring any changes to the national insurance threshold, the benefit of increasing the higher rate threshold to £80,000 would be £6,000 a year (or around £115 per week).

"If the national insurance threshold were to align, that benefit would be reduced to £2,400 a year (or around £46 per week).

"This would essentially mean that those that don’t pay national insurance - pensioners and those who live-off their investment income - would be the main winners."

Tom Selby, senior analyst at investment firm AJ Bell, added: “The most obvious impact of this move would be to drastically reduce income tax bills for those earning between £50,000 and £80,000 – although this would in part be tempered by higher national insurance contributions.

"Higher-rate taxpayers who are above state pension age and don’t have to pay national insurance at all would likely be the biggest winners from the policy."

Mr Selby highlights that tax relief on pension contributions could also be cut under the plans.

He said: “Retirement savings incentives would also be affected, with tax relief on contributions for those earning between £50,000 and £80,000 dropping from 40 per cent currently to 20 per cent.

"Of course the combination of matched contributions from their employer, national insurance relief and tax-free investment growth over time mean there would still be every reason for this group of people to save in a pension."

How would Dominic Raab's national insurance cut affect me?

Mr Johnson isn't the only Tory party leader hopeful to make ambitious tax pledges.

Dominic Raab has promised to give low paid earners a pay boost by upping the rate at which national insurance becomes payable from £8,628 to £12,500.

He has also said he will cut the basic rate of income tax by 1 per cent a year until it reaches 15 per cent.

Mr Raab says these measures will save the average worker £640 a year.

According to tax experts at Blick Rothenberg, if your take home pay is £30,000 you could save an even bigger £1,339 a year thanks to Dominic Raab's national insurance cuts and his 15 per cent rate of basic income tax.

See the table below for some examples.

Income tax rates rose this April giving 32million taxpayers a bonus.

But Tory leadership hopeful Sajid Javid has also vowed to cut taxes.

While rival party leader Michael Gove has reportedly pledged to lower taxes for the poorest workers.

Meanwhile, Labour is plotting a £400 tax increase to average council tax bills for Middle England.

We pay for your stories! Do you have a story for The Sun Online Money team? Email us at money@the-sun.co.uk