Personal Allowance & Higher Rate Threshold
Posted on 10th April 2019 at 12:26
Personal Allowance & Higher Rate Threshold for 2019-20
The Budget announced that the Government will meet its commitment to raise the Personal Allowance to £12,500 from April 2019, one year earlier than planned.
The Personal Allowance will remain at the same level in 2020-21 and then increase by CPI. This means the government has raised the Personal Allowance by over 90% in less than a decade.
The Government is advancing the implementation of the £50,000 Higher Rate Threshold to to 2019 - originally intended to come into play in 2020 also.
This means that in 2019-20, a typical basic rate taxpayer will pay £130 less tax than in 2018-19 and £1,205 less tax than in 2010-11.
This does not apply in Scotland for NSND income.
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