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Autumn Budget: Personal allowance to increase

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpgIn today’s Autumn Budget Chancellor Philip Hammond announced the personal allowance will rise to £11,850 per year from April 2018.

The increase will mean a typical basic rate taxpayer will be £1,075 better off a year than in 2010, Hammond said.

The higher rate tax threshold will also be increased to £46,350.

Hammond promised to raise the allowance in the Spring Budget, reiterating his intentions ahead of the June election.

Aspect8 financial planner Claire Walsh says: “Raising the personal income tax allowance means nearly everyone is a winner, while the wealthiest will shoulder an ever-greater share of overall income tax take.

“While it might seem like a big giveaway, it is only equivalent to around £60 a year and it does not help the most in need, for example part-time employees, who are already earning less than the current personal allowance.”

Old Mutual retirement expert Jon Greer also noted the rise would amount to “only” £70 a year.

Click here for all our latest coverage on the Autumn Budget.

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