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: Top-tier tax threshold raised

1 Comment
Autumn Statement: Top-tier tax threshold raised

The threshold for paying the top 40% rate of income tax will rise by 1% from 2014, the government announced today.

In the Autumn Statement, Chancellor George Osborne announced the threshold for paying the top-tier level of income tax will go from £41,450 currently to £41,865 in 2014, followed by a further 1% rise in 2015 to £42,285.

The news came as the Chancellor announced plans to 'uprate' benefit, essentially freezing rises in state support at less than the rate of inflation. He said this should be matched with less tax for those who do work.

'I want to be completely clear with people, this is in an increase. In fact it is the first cash increase in the higher rate threshold in this parliament,' he said.

'Again, there are no easy ways to reduce the deficit - but from year to year, no one will pay a penny more in income tax.'

Personal allowance will rise by £1,335 next year, ‘the highest cash increase ever’, Osborne claimed, so that next year workers will be allowed to earn £9,440 before paying any income tax at all.

‘This is a direct boost to people working hard to provide for their families,’ he said.

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 Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter