18 May 2008    |    Uncategorized

Mini-Budget changes

The impact of the removal of the 10% tax rate has led the Chancellor of the Exchequer to announce that the Personal Allowance will be increased by £600, but the higher rate threshold has been reduced to compensate for this.

New software updates, tax coding notices and reprinted tax tables will be on the way to employers in time to implement the changes in October.

The revised limits are shown below.

BeforeAfter
Personal Allowances£5,435£6,035
Basic rate tax band£36,000£34,800
Higher rate tax threshold£41,435£40,835

 

 

Disclaimer

The information provided is for general information purposes only.

Legislation and details may have changed since this was written.  The text may not include all matters that are relevant to your individual situation.

You should not make decisions, or refrain from making decisions, without taking further professional advice about your specific circumstances.

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