Personal tax changes - allowance and basic rate band increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20.

The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full personal allowance. The additional rate of tax of 45% will remain payable on taxable income above £150,000.

The government had pledged to raise the thresholds to these levels by 2020/21.

Internet link: GOV.UK income tax

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2019 Douglas Shaw Limited. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Douglas Shaw Limited, 7 Brenkley Way, Blezard Business Park, Seaton Burn, Newcastle upon Tyne NE13 6DS
Douglas Shaw is the trading name of Douglas Shaw Limited. Registered in England No. 4393682.
Registered to carry on audit work in the UK by the Institute Of Chartered Accountants in England & Wales.
Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C009189427.