Following the delivery of the Autumn Budget yesterday, we have summarised the key announcements below:
Income Tax
The personal allowances for 2018/19 will be £11,850 (2017/18 £11,500).
Spring Budget 2017
Personal – Income Tax
- Confirmed that the tax-free personal allowance will rise to £11,500 in April 2017
- Threshold at which people pay 40% income tax will rise from its current level of £43,000 to £45,000 in April 2017.
- The government has already announced that Class 2 NICs will be abolished from 6 April 2018, but will rise to £148.20 from April 2017 and will continue to be collected via Self-Assessment.