Personal Allowance – Budget 20 March 2013

From April 2013 the personal tax allowance will increase to £9,440 with the basic

rate limit falling slightly from the current limit to £32,010, making the 40% rate

come into play once your income reaches £41,450.

The date of the expected increase of the Personal Income Tax Allowance to

£10,000 has been brought forward to 6th April 2014. The basic rate limit will

decrease once again in 2014/15 to £31,865 making the income limit £41,865 for

the higher rate of tax to apply.

This change is anticipated to make a £50 gain for over 24.5 million individuals in

the UK in 2014/15.

Back to Main Page – Budget 20 March 2013

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