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The personal allowance is the amount of tax-free income that an individual is entitled to. It can vary according to your age, gender and your circumstances.  

As already announced the basic personal allowance for 2015/16 will be £10,600. The Budget on 18th March announced that there will be a further above inflation increase to £10,800 for 2016/17 and £11,000 in 2017/18.

Those aged 75 and over will continue to receive a personal allowance of £10,660 for 2015/16 but by 2016/17 they will receive the basic personal allowance.

The 20% basic rate band is £31,785 for 2015/16 and will be £31,900 for 2016/17. This means that you pay 40% tax if your taxable income exceeds £42,385 for 2015/16 and £42,700 for 2016/17. It is proposed that the higher rate tax threshold will increase to £43,300 for 2017/18. 

The 45% top rate continues to apply to taxable income over £150,000 for 2015/16.

Date published 27 Mar 2015

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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