BIRMINGHAM, England, Oct 1 (Reuters) - British Prime Minister David Cameron's plans for income tax cuts, if his Conservative Party wins next May's national election, would cost 7.2 billion pounds ($11.65 billion) a year by 2020, the Conservative Party said.
Cameron said earlier on Wednesday that a re-elected Conservative government would raise the threshold for the country's 40 percent rate of income tax and allow people to earn more before they start paying income tax.
The tax cuts would be subject to the government meeting its target of eliminating the budget deficit.
"The cost of increasing the personal allowance to 12,500 pounds by April 2020 is 5.6 billion pounds. The cost of increasing the higher rate threshold to 50,000 pounds by April 2020 is 1.6 billion pounds," the Conservative Party said in a briefing note issued to reporters. (Reporting by Guy Faulconbrige; writing by William Schomberg; editing by Kate Holton)