13/02/2019 0 Comments
Income Tax: Personal Allowance and basic rate limit from 2020/21
Who is likely to be affected:
Income Tax payers - Employee, Sole Traders, Landlord
General description of the measure
This measure increases the Personal Allowance to £12,500 for 2020 to 2021. The basic rate limit is unchanged since 2019/20 of £37,500 for 2020/21. As a result, the higher rate threshold is between £37,501 to £150,000 and additional rate is earnings above £150,000 for 2020/21.
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 2020/21