Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Autumn Statement: Personal allowance to rise to £10,500 by 2015

Autumn Statement: Personal allowance to rise to £10,500 by 2015

The government is upping the personal income tax allowance by £500 to £10,500 from April 2015, chancellor George Osborne announced in his Autumn Statement.

Osborne also promised to introduce an uprating mechanism to ensure transferable tax allowance moved in line with the personal allowance. This follows his plans to introduce a transferable tax allowance for married couples from April 2015. 

During his speech Osborne described the rise as 'the highest cash increase ever'. The personal allowance is currently £9,440 and is set to rise to £10,000, from April of next year. It will then increase by the Consumer Prices Index (CPI) in future years, starting from 2015-16.

In 2014-15, the 20% basic rate of income tax will apply to a narrower band of taxable income who earn between £10,000 and £41,865, which means the 40% rate of income tax for higher rate taxpayers will start at £41,866 and above.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter