Budget 2017 Personal Allowance

Published / Last Updated on 09/03/2017

Budget 8 March 2017Budget 2017

Personal Allowance

The Government re-confirmed its intention to increase the personal allowance to £11,500 for tax year 2017/18 and also increasing the threshold at which higher rate tax starts by £2,000.

The government suggest this is an income tax cut for 31 million tax payers although we beg to differ in reality given other taxes on pensions, tapered annual allowances, dividend tax allowance cuts and national insurance increases to the self-employed.

May be a tax cut for basic rate tax employees but for basic rate tax paying company directors/shareholders and the self-employed as well as higher earners, more tax will be paid.