The standard personal allowance is increasing to £10,000 for 2014/15, as previously announced. A further increase to £10,500 was announced for 2015/16.The 2014/15 increase will be accompanied by a reduction in the basic rate band so that anyone with total income in excess of £41,865 will be a higher rate taxpayer. The 2015/16 increase is accompanied by a smaller reduction in the basic rate band and anyone with total income in excess of £42,285 will be a higher rate taxpayer. Allowances will continue to be withdrawn for those whose total income exceeds £100,000.
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