Basic rate taxpayers will take home £9 more a month

Peter Spence
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(Source: Reuters)

As the personal allowance will be raised to £10,000 in 2014, this will put more money in the pockets of British consumers.

BDO's Anthony Brewer:

On the basis that there was no mention of changes to the basic rate band and it will remain at the level of £32,010 and that there has been no mention of changes to the National Insurance limits, the increase in personal allowance from £9,440 to £10,000 will give basic rate taxpayers (under 65 years old)around £9 extra per month in 2014/15 when compared to 2013/14 and higher rate taxpayers an additional £19.