The new tax year is upon us, and with it comes a wave of changes to UK finances and the tax system. Below is a comprehensive guide to everything that’s changing and how it could affect you.
This new tax year, the personal allowance, which is the annual amount of income you can earn without having to pay tax, is rising by 0.5% from £12,500 to £12,570.
Meanwhile, the threshold for paying the higher rate of income tax increases from the current £50,000 to £50,270 a year. These rates are expected to be frozen for the next five years.
Investors should also note that the annual ISA allowance will remain at the current £20,000 limit this tax year.