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Seven Days: 2 November 2018

Seven Days: 2 November 2018

Tax win – early allowance

Chancellor Philip Hammond announced in the Budget that planned rises in the personal tax allowance threshold and a higher rate of income tax will come into effect in April 2019 – 12 months earlier than previously expected. The personal allowance limit will increase from the current £11,850 to £12,500, while the higher-rate threshold will move from £46,350 to £50,000. This will translate into £130 extra income for basic-rate taxpayers and £860 for higher-rate taxpayers earning up to £100,000. This will remain in place until April 2021, after which the allowances will rise in line with inflation.

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