Changes to personal allowances (2017/18)

As announced earlier last year, the Autumn Statement confirmed that the income tax thresholds would be increased as planned.

For the 2017/18 tax year, the personal allowance will rise from £11,000 to £11,500.

At the same time, the higher rate 40% income tax threshold will rise to £45,000.

Additionally, the chancellor has indicated that thresholds will also continue to rise to £12,500 by the end of the current parliament, in 2020.

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