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Markel Tax

22 Nov 2017

Autumn Budget 2017: Income Tax Charge and Rates 2018 to 2019

For the tax year 2017/2018 the personal allowance for an individual is £11,500 and the basic rate tax limit is £33,500. The additional higher rate is 45% on income over £150,000 and the saving rate is £5,000.

In line with the government’s objective to raise the personal allowance and the higher rate threshold to £12,500 and £50,000 respectively by the end of this parliament, it was announced that the personal allowance for individuals will be increased to £11,850 with the basic rate band being increased to £46,350, with effect from 6 April 2018

The additional higher rate of 45% remains unchanged from 2017/2018 and will be operated all income over £150,000.

The savings rate remains unchanged from 2017/2018.

The measure will reduce the income tax burden for 29.3 million income taxpayers in 2018/19, encouraging more individuals to enter the workplace and also increasing disposable household incomes.

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Autumn Budget 2017: Master trust tax registration