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Autumn Statement 2016 Personal Tax

Personal Tax

Key points:

  •   Government commits to increasing Personal Allowance

Most welcome, the Personal Allowance will rise to £11,500 and the Higher Rate threshold to £45,000, from April 2017, with the government committing to getting it all the way to £12,500 with the higher rate threshold  to £50,000 by the end of this Parliament.   The Chancellor also confirmed that once the £12,500/£50,000 is reached it will increase each year by the CPI, rather than by the National Minimum Wage as now.  Obviously, in the next Parliament this could be overturned by a new Chancellor but for now, it’s encouraging news.

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