Thursday, 5 December 2013

Autumn Statement – £10,000 personal allowance election pledge

As widely expected, the Government has increased the personal allowance to £10,000 to take effect from 6 April 2014.  This represents an increase of £560 for basic rate taxpayers.

The basic rate tax band will be set at  £0 - £31,865 and the phase out of the personal allowance will still apply on taxable income over £100,000 per annum.