View more on these topics

Personal allowance and higher tax rate threshold increased

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

The personal allowance and the threshold for the higher rate of income tax are both set to increase from next April.

The Government has pledged to move the personal allowance to £12,500 by the end of this Parliament.

It was already due to increase £11,000 next month, but Chancellor George Osborne says it will then increase to £11,500 next April.

At the same, the threshold at which employees pay the higher 40 per cent rate of income tax will move from £42,385 to £45,000.

Osborne says: “We have delivered a Budget for working people.”

Recommended

George-Osborne-extends-arm-with-Budget-box-700.jpg
7

Osborne unveils Lifetime Isa

The Government is to introduce a Lifetime Isa to allow consumers to choose whether to fund their first property purchase or their retirement from next year. From April 2017, people under 40 will be able to contribute up to £4,000 a year into the new Lifetime Isa. The Government will top up savings by £1 […]

Tax-Taxation-Blocks-700.jpg

Osborne cuts CGT to 20%

Chancellor George Osborne has moved to reduce capital gains tax from 28 per cent to 20 per cent. For basic rate taxpayers, CGT will fall from 18 per cent to 10 per cent. The changes will come into effect in three weeks’ time. However rates will remain at the current levels for residential property and […]

George-Osborne-Serious-At-Budget-2014-700.jpg

Osborne slashes corporation tax to 17%

Chancellor George Osborne has again taken the axe to corporation tax, with the rate set to fall to 17 per cent in 2020. The corporation tax rate is currently 20 per cent. Under existing plans it was due to fall to 19 per cent in April 2017 and 18 per cent by 2020. However, giving […]

George-Osborne-with-head-down-walking-700.jpg
4

Govt closes in on salary sacrifice cap

The Government is considering capping the savings employees and employers make through salary sacrifice schemes as part of a crackdown on arrangements that limit tax. The Budget documents reveal the Government will consult on limiting “the range of benefits that attract income tax and National Insurance Contributions advantage when they are provided as part of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Is that right – £12,500? or does George Osborne know something we don’t and the Government will call an election next May?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com