ALM News Summer Budget 2015
The standard personal allowance is increasing to £11,000 for 2016/17 and there is a further increase to £11,200 for 2017/18 (both £200 higher than previously announced). The 2016/17 increase will be accompanied by a rise in the basic rate band so that anyone with total income in excess of £43,000 will be a higher rate taxpayer. The 2017/18 increase is accompanied by a further rise in the basic rate band and anyone with total income in excess of £43,600 will be a higher rate taxpayer. The personal allowances will continue to be reduced by £1 for every £2 by which the taxpayer’s income exceeds £100,000. For those with income above £150,000 the additional rate of tax remains at 45%. Read the full article here (opens as PDF)