13/02/2019 0 Comments
Income Tax: Personal Allowance and basic rate limit from 2019-20
Who is likely to be affected:
Income Tax payers, employers and pension providers.
General description of the measure
This measure increases the Personal Allowance to £12,500 for 2019 to 2020. The basic rate limit will be increased to £37,500 for 2019 to 2020. As a result, the higher rate threshold will be £50,000 in 2019 to 2020.
This measure will set the Personal Allowance at £12,500, and the basic rate limit at £37,500 for 2020 to 2021. The higher rate threshold will be £50,000 in 2020 to 2021.
Changes to the basic rate limit, and higher rate threshold, will apply to non-savings, non-dividend income in England, Wales and Northern Ireland, and to savings and dividend income in the UK. for more information: Income tax table for 2019/2020