HAPPY NEW TAX YEAR!

 

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 announced, the personal allowance and the higher rate tax threshold increases on 6 April 2019.  The personal allowance rises to £12,500 and the basic rate bank to £37,500, which means that for most taxpayers the higher rate tax threshold will be £50,000.  These thresholds were due to come into effect from 6 April 2020, but the Chancellor announced that the start date would be brought forward by one year.  Note that the limits will then remain the same for 2020/21.

For details of updates rates, take a look at our Tax Facts Guide https://www.waltonscw.co.uk/press-releases/budget-report-and-tax-facts-guide which is available download.  If you would prefer to receive a small handy printed copy, just let us know.