The personal allowance will be increased to £11,000 from April 2016
Summer #Budget2015 : Personal Tax allowance
The personal allowance will be increased to £11,000 from April 2016, with the promise of further yearly increases to meet the Government’s target of £12,500 by the end of the current parliament. The rates for the current and next two tax years are:
- £10,600 for 2015-16
- £11,000 for 2016-17
- £11,200 for 2017-18
Income Tax rate bands
There was significant press commentary prior to the Budget predicting an increase in the threshold at which tax payers are liable to the 40% Income Tax rate. During the term of the current parliament it was promised this would rise to £50,000. As a first step the higher rate threshold will be increased to £43,000 from April 2016. For the current and following two tax years the thresholds are:
- £42,385 in 2015-16
- £43,000 in 2016-17
- £43,600 in 2017-18
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