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Personal Allowance

No Tax Changes Announced in Spring Statement

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor. As already […]

Read more April 8th, 2019

Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000, the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £123,700 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2019

Tax Bands, Allowances And Reliefs

There are traps galore within the tax bands, as the planned increase in the personal allowance to £10,000 in the lifetime of this Parliament is linked to a determination that 40% taxpayers will not gain much of an advantage overall. This is achieved by reducing the income level at which the 40% tax rate starts […]

Read more April 11th, 2012