Personal Allowance & Tax Bands 2015/16

Personal Allowance & Tax Bands

From 6th April 2015 the standard personal allowance will increase from £10,000 to £10,600.

Whilst the personal allowance will increase, the basic rate limit will reduce from £31,865 to £31,785. Taking into account the increased personal allowance, this means that in 2015/2016 an individual can have an additional £520 of income before having a liability to higher rate tax.

The age related personal allowance of those born before 6th April 1938 will remain at £10,660.

 

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