Budget 2012 Personal Allowance Increase
Published / Last Updated on 14/03/2014
The personal allowance threshold, the first part of your income that is free of tax has been increased and confirmed that it will also increase in 2013 with a target for 2014 of £10,000.
- 2011/12 Personal Allowance - £7,475
- 2012/13 Personal Allowance - £8,105 - meaning an extra £52.50 per month tax free income per tax payer
- 2013/14 Personal Allowance - £9,205 - meaning an extra £91.66 per month tax free income per tax payer
- 2014/15 Personal Allowance - £10,000 Target
High Earners
- The 50p tax rate for earnings over £150,000 will be cut to 45p in 2013/14
Budget Summary 2012