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Personal tax changes - allowance and basic rate band increases

At the Budget, the Chancellor announced that increases to the personal 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.

Internet link: GOV.UK income tax

Budget 2018

06 Nov 2018

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018.

Personal tax changes - allowance and basic rate band increases

06 Nov 2018

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20.

Capital allowances changes

06 Nov 2018

A number of changes to capital allowances were announced at the Budget.