Currently the Personal Allowance (the amount that can be earned before any tax is payable) stands at £10,600. It will go up to £11,000 from April 2016.
The level at which 40% higher rate tax is payable is also increasing. From April 2016 this means a person will have to be earning in excess of £43,000 before they start paying 40% tax, up from
£42,385 this year. No change was announced to the level at which 45% tax is payable, i.e. £150,000.
£42,385 this year. No change was announced to the level at which 45% tax is payable, i.e. £150,000.
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