Budget 2015: Personal tax allowances lifted

Budget 2015: Personal tax allowances lifted

 

 


 
The tax-free personal allowance will be increased to £11,000 in April 2017.
 
The higher rate tax band will rise by more than inflation to reach £43,300 in 2017-18 tax year.
 
Chancellor George Osborne announced the moves in Budget 2015 and added that it would mean almost four million of the lowest paid will be taken out of income tax altogether.
 
The personal allowance will increase to £10,600 in April, £10,800 in 2016-17, and £11,000 the year after.
 
The mark at which higher earners start paying 40% tax will increase by £315 in 2016-17, and by £600 in 2017-18 - taking it to £43,300 in 2017-18.
 
Delivering the Budget, Osborne said: "It means the typical working taxpayer will be over £900 a year better off. It's a tax cut for 27 million people and means we've taken almost four million of the lowest paid out of income tax altogether.
 
"Because we pass on the full gains of this policy, I can make this announcement today; for the first time in seven years, the threshold at which people pay the higher tax rate will rise not just with inflation - but above inflation."

Posted: Wed 18 Mar 2015
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