Autumn Statement 2016 – Income Tax Rates & Allowances

24 Nov Autumn Statement 2016 – Income Tax Rates & Allowances

The Chancellor, Philip Hammond has confirmed the government’s commitment to increase the basic personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of the current Parliament in 2020.

As previously announced, from April 2017 the basic personal allowance will increase to £11,500 and the basic rate limit to £33,500. As a result the higher rate threshold will increase to £45,000 from April 2017.

Once the £12,500 limit has been reached, the personal allowance will rise automatically during the 2020s in line with inflation, rather than the National Minimum Wage as was currently planned.

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