Personal tax changes – allowance and basic rate band increases
At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20.
The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full personal allowance. The additional rate of tax of 45% will remain payable on taxable income above £150,000.
The government had pledged to raise the thresholds to these levels by 2020/21.
For more information please visit: GOV.UK income tax
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