Monday 29 October 2018 4:51 pm

Personal allowance increase to arrive one year early as higher rate tax threshold change to occur in 2019


The personal allowance is to be raised to £12,500 and the higher rate tax threshold is to be lifted to £50,000 in April 2019, the chancellor Philip Hammond announced today.

The Conservative Party promised to lift the personal allowance and higher rate tax threshold in 2020 but the changes are now being introduced a year earlier.

In his budget speech to the House of Commons Hammond described it as a tax cut for 32m people and said it puts £130 in the pocket of a typical basic rate taxpayer.