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....Some of these changes will occur on 1 April, at the start of the government's financial year, while others occur on 6 April, the start of the tax year. From 6 April the personal allowance - the annual amount you can earn before paying tax - rises from £11,000 to £11,500. ... [Read full article on BBC ]
Friday 31st of March 2017 09:16:50 PM
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.... There have been additional rates introduced but they do not affect middle and low earners. In 2010, the income tax personal allowance, which is the amount you are allowed to earn before paying any income tax, was £6,475. ... [Read full article on BBC ]
Wednesday 19th of April 2017 01:31:06 PM
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....A Government spokesperson said:“ We are committed to building a country that works for everyone, helping those who are just about managing so that nobody is defined by the circumstances of their birth. “Average household incomes have risen to a record high and we have introduced Universal Credit, the National Living Wage and increased the tax free personal allowance to make sure it always pays to be in work. ... [Read full article on Guardian ]
Thursday 30th of March 2017 01:42:08 PM
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Latest Finance News related to Personal Allowance

Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
.... There have been additional rates introduced but they do not affect middle and low earners. In 2010, the income tax personal allowance, which is the amount you are allowed to earn before paying any income tax, was £6,475. ...
The gig economy 'slashies' risk burnout image
Source : Guardian [Read Article] Tuesday 18th of April 2017 06:00:21 AM
....Emma Bartlett, a partner at Charles Russell Speechlys law firm, says the tax on those with several incomes can be tricky to navigate. “If you have more than one employed position, the second employer will not be able to apply your personal allowance (£11,500 untaxed) so it might feel like a harsher rate of tax is being applied to your second job,” she says. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
.... Taking tax free cash when you don’t pay taxFor anyone under the current personal income tax allowance of £11,500 for 2017/18, it may not make sense to take tax-free pension cash if the allowance hasn't been used up. For example, someone with £6,000 of unused personal allowance could take £8,000 from a pension plan and still pay no tax. ...
Cash in the pocket image
Source : BBC [Read Article] Friday 31st of March 2017 09:16:50 PM
....Some of these changes will occur on 1 April, at the start of the government's financial year, while others occur on 6 April, the start of the tax year. From 6 April the personal allowance - the annual amount you can earn before paying tax - rises from £11,000 to £11,500. ...
Poorest UK families struggle to put food on the table, survey finds image
Source : Guardian [Read Article] Thursday 30th of March 2017 01:42:08 PM
....A Government spokesperson said:“ We are committed to building a country that works for everyone, helping those who are just about managing so that nobody is defined by the circumstances of their birth. “Average household incomes have risen to a record high and we have introduced Universal Credit, the National Living Wage and increased the tax free personal allowance to make sure it always pays to be in work. ...
Eight tax changes savers should watch out for from April 2017 image
Source : Daily Express [Read Article] Tuesday 21st of March 2017 01:47:00 PM
Savers and Pensions: How the Chancellor's spring BUDGET plans can affect you  image
Source : Daily Express [Read Article] Sunday 12th of March 2017 03:23:00 PM
....”. Also from the start of the new tax year, the personal allowance for England, Scotland, Wales and Northern Ireland climbs to £11,500, above which income tax is 20 per cent. ...
Hammond went where Osborne feared to tread with tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:41:03 PM
....But Osborne knew that however rational, raising self-employed national insurance could be too easily caricatured as a raid on the bank account of “white van man” – a tax on entrepreneurship. Treasury advisers vainly argued after Philip Hammond’s speech on Wednesday that the measure should be considered alongside the abolition of Class 2 national insurance contributions (NICs), announced by Osborne in his final budget last spring; and the increase in the tax-free personal allowance, due to come into effect next year. ...
What the 2017 budget means for you image
Source : Guardian [Read Article] Wednesday 8th of March 2017 05:18:09 PM
....2016-17 Because they earn less than £50,000 a year they keep all their child benefit worth £3,214 a year, plus child tax credit of £2,686. They can also transfer the maximum personal allowance from the non-earner. ...
Budget 2017: Blow for pensioners as tax-free dividend allowance SLASHED image
Source : Daily Express [Read Article] Wednesday 8th of March 2017 01:44:00 PM
.... • Maximise your annual tax-free dividend allowanceMarried couples and registered civil partners should spread their taxable portfolios between them to make full use of each person’s allowance. Couples should also make full use of personal allowances and basic rate tax bands, where applicable, so that taxable dividends are paid in the name of the spouse who pays the lowest tax rates. ...
Key points of the budget 2017 – at a glance image
Source : Guardian [Read Article] Wednesday 8th of March 2017 12:41:30 PM
....As expected, £11,500 for basic rate taxpayers. RM: This is a continuation of the Conservative-Liberal Democrat coalition government’s trend of raising the personal allowance to reduce income tax paid for all but the very highest earners. ...
Budget will hold no big surprises on spending or tax, chancellor says image
Source : Guardian [Read Article] Wednesday 8th of March 2017 06:33:22 AM
.... Treasury sources indicate that the chancellor will adjust the complicated business-rate capping regime to make life easier for the worst-affected, but will refuse calls for a complete rethink. Income taxThe government wants to raise the income tax personal allowance to £12,500 and the higher-rate threshold to £50,000 by the end of this parliament. ...
Goodbye Spring Budget image
Source : BBC [Read Article] Tuesday 7th of March 2017 12:11:17 AM
....Mr Roy-Chowdhury points out that moving the government announcements matters to the general public as well. "If there is a range of changes twice a year to things like national insurance, personal allowances, pensions tax relief or savings allowances, it is harder for ordinary taxpayers to keep up," he says. ...
Budget 2017: Hammond to tell us the Brexit vote could have been worse image
....Part of the Treasury’s response to that report was to highlight how it was “cutting taxes for millions of working people”. There have indeed been successive rises over recent years to the tax-free personal allowance – the amount someone can earn without having to pay income tax. ...
Low key Budget?  image
Source : BBC [Read Article] Saturday 4th of March 2017 01:17:34 AM
....A number will lead to a notable change in the finances of those of working age - particularly a shift in the income tax threshold and the benefit freeze - while others target particular groups of people such as landlords. The amount people can earn before they are subject to income tax, known as the personal allowance, is currently set at £11,000 and it has already been announced that it will go up to £11,500 in April. ...
UK borrowing and growth better than expected for budget, says report image
Source : Guardian [Read Article] Monday 20th of February 2017 07:00:31 AM
....”. EY said it expected a low-key budget next month, although there could be announcements on further steps to raise the tax-free personal allowance to £12,500, a temporary cut in fuel duty, and action on social care and the NHS. ...
UK tax burden will soar to highest level for 30 years, warns IFS image
Source : Guardian [Read Article] Tuesday 7th of February 2017 10:00:11 AM
....Hammond said in the autumn statement last year that he was able to find funds to bolster public investment spending back above pre-crisis levels, with much of the extra cash to be spent on transport infrastructure. The chancellor also said the government still planned to pay for large giveaways in the form of a higher income tax personal allowance at the basic and higher rate. ...
10 ways to cut your tax bill image
Source : Guardian [Read Article] Saturday 14th of January 2017 07:00:19 AM
....1 The marriage allowance – save up to £432 This works if one person in a couple is a low earner, but millions of people are failing to take it up. Since April 2015 couples in which one person pays no tax because their income is less than the personal allowance (currently £11,000) have been able to transfer £1,100 of that allowance to their tax-paying partner. ...
 Act NOW to slash your tax bill: Self-assessment tax returns due by end of January image
Source : Daily Express [Read Article] Wednesday 11th of January 2017 12:01:00 AM
.... . Danny Cox, chartered financial planner at Hargreaves Lansdown, said couples should make full use of their personal allowance, which allows everyone to earn up to £11,000 without paying any tax: “If you are married and your spouse pays less tax, then move income yielding savings into their name. ...
UK inequality narrows but many working people are worse off image
Source : Guardian [Read Article] Tuesday 10th of January 2017 04:16:03 PM
....The chancellor said a rise in the income tax threshold to £11,000 had saved many families on low incomes as much as £1,000 in tax since 2010. A series of measures, including further freezes to fuel duty, another rise in the personal allowance, banning fees charged by letting agents and increasing the “national living wage”, would hand full-time workers another £500 each this year. ...
Save on tax: 10 ways to - legally - cut what you pay to HMRC  image
Source : Daily Express [Read Article] Sunday 8th of January 2017 04:33:00 PM
...."1. Use your partner's income tax allowance The personal allowance increased to £11,000 during this tax year and will rise again to £11,500 in April 2017. ...
Nearly 3m UK couples missing out on free tax break image
Source : Guardian [Read Article] Sunday 8th of January 2017 12:44:56 PM
....9 m couples across the UK are missing out on a free tax break worth up to £220 a year, according to HM Revenue and Customs which has launched a campaign to get more people to apply for its transferrable marriage allowance. Since April 2015, couples in which one person pays no tax because their income is less than the personal allowance – currently £11,000 – have been able to transfer £1,100 of that allowance to their tax-paying partner. ...
Computer error blamed for HMRC blunder in Scotland image
Source : Guardian [Read Article] Monday 19th of December 2016 06:54:44 PM
....The Scottish parliament has had the power to apply a Scottish rate of income tax (Srit) since 6 April 2016. Holyrood’s tax-raising powers have been further enhanced by the Scotland Act 2016 and, from 2017-18, it will be able to set the rates and band thresholds, excluding the personal allowance. ...
Brexit will blow £59bn hole in public finances, admits Hammond image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 08:39:09 PM
....”. While Hammond unravelled some of Osborne’s policies, including his strict tax and spending rules, he reaffirmed several of his predecessor’s key pledges, including raising the tax-free personal allowance to £12,500 a year by the end of this parliament, and cutting corporation tax to 17%. ...
How will the autumn statement affect you? image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 02:59:50 PM
.... Younger workers will get smaller increases. The personal allowance – the sum you can earn each year before paying tax – will increase as planned to £11,500 from April 2017. ...
At a glance: autumn statement – 26 key points image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 12:42:46 PM
.... This is because the earnings threshold above which a business has to pay NI contributions will not rise with inflation but a modest £1 next year, bringing it into line with the threshold for employees. RM: Hammond built this passage up so much that it sounded like he was about to announce another big rise in the personal allowance. ...
The Observer view on the autumn statement | Observer editorial image
Source : Guardian [Read Article] Sunday 20th of November 2016 12:05:22 AM
....Osborne’s planned welfare cuts are so steep they considerably outweigh any gain “just managing” families will see from the higher national living wage. While Osborne claimed to be cutting taxes for low-paid workers with further increases in the personal allowance, “just managing” families will see very little benefit: according to the Resolution Foundation, 85% of the gains of his cuts to personal taxation will be reaped by the richest half of households. ...
Autumn Statement 2016: Financial upheaval ahead for families image
Source : BBC [Read Article] Friday 18th of November 2016 05:29:06 PM
....The government has already promised to raise the amount people can earn before they are subject to income tax. Known as the personal allowance, it is currently set at £11,000 and it has already been announced that it will go up to £11,500 in April 2017. ...
Married couples failing to claim tax perk, says HMRC image
Source : BBC [Read Article] Wednesday 19th of October 2016 11:10:51 PM
....Marriage tax allowance lets one half of a married couple transfer part of their tax-free allowance to their partner. However one of the partners must not be earning more than £11,000 - the personal allowance - while the other must be paying income tax at the basic rate. ...
John McDonnell: Labour taking a close look at universal basic income image
....However, the authors, economists Howard Reed and Stewart Lansley, argue that a transitional system could be created at an annual cost of £8bn, which would leave many means-tested benefits in place. The tax-free personal allowance, currently worth £11,000, would be abolished, and tax rates would rise; but every adult would receive a payment of £71 a week – or £51 for pensioners – and £59 for children. ...
Families' discretionary income reaches £200 a week, according to new report image
....5 per cent on last year. Cebr said increases in the income tax free personal allowance were helping to put more money in the pockets of the nation's households. ...
A third of people in the UK have experienced poverty in recent years image
.... “The government is determined to tackle poverty and its causes, particularly through work. That’s why we’ve introduced reforms such as the new “national living wage”, the extension of free childcare to 30 hours and increases to the personal allowance,” said a spokesman. ...
George Osborne’s great income tax pretence | Letters image
Source : Guardian [Read Article] Wednesday 4th of May 2016 05:40:14 PM
.... She has received a 1. 2% pay rise and an increased income tax personal allowance, but these have been more than cancelled out by a whopping increase in national insurance, so she is worse off now than before. ...
Barely more than half of adults pay income tax, says report image
Source : Guardian [Read Article] Tuesday 26th of April 2016 05:48:27 PM
....7% to 56. 2%) between 2007-08 and 2015-16 – a period when the government consistently raised the tax-free personal allowance. ...
Boom in UK spending to drive growth image
Source : Daily Express [Read Article] Sunday 17th of April 2016 04:48:00 PM
....4 per cent this year and 1. 7 per cent next year, further boosted by the national living wage and a higher personal allowance, consumer spending is predicted to increase by 2. ...
Savers left baffled by interest allowance image
Source : Daily Express [Read Article] Sunday 17th of April 2016 02:16:00 PM
....Their worries have been backed up by research from Virgin Money, which shows that less than one in five people understand how the personal savings allowance works in practice. Patrick Connolly, certified financial planner at Chase de Vere, says it has caused widespread confusion because it sits on top of other tax benefits, such as the personal allowance and individual savings accounts (ISAs). ...
Labour: PM losing trust over shares row image
Source : BBC [Read Article] Friday 8th of April 2016 04:33:43 AM
....Downing Street said Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500. That year the personal allowance before capital gains tax was paid was £10,100 per person. ...
Cameron had stake in father's trust image
Source : BBC [Read Article] Thursday 7th of April 2016 06:39:39 PM
....Downing Street said Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500. That year the personal allowance before capital gains tax was paid was £10,100 per person. ...
Nicola Sturgeon backtracks on 50p rate of income tax image
Source : Guardian [Read Article] Thursday 24th of March 2016 09:29:53 PM
....Arguing that this rate was still £300 a year more than new tax rates for the rest of the UK, she left the additional 45p rate at £150,000, a move which will bring in more higher earners as their salaries grow. Low earners would slowly see the personal allowance to £12,750 by 2021, £250 more than George Osborne, the chancellor, plans for the rest of the UK. ...
Osborne 'boxed-in' by policy pledges image
Source : BBC [Read Article] Tuesday 22nd of March 2016 09:13:30 AM
....The welfare announcement takes its place alongside a pledge not to raise income tax, VAT or national insurance; a pledge not to cut the budgets of the NHS, schools, defence or overseas aid; a pledge to ensure pensions rise at the rate of inflation, earnings growth or 2. 5%; and a pledge to increase the 40p higher tax threshold to £50,000 and the personal allowance before working people start paying income tax to £12,500 - both, in effect, a tax cut. ...
IFS analysis chimes with Duncan Smith's budget warning image
Source : Guardian [Read Article] Monday 21st of March 2016 02:25:56 PM
.... This is the result of the continued protection of pensioner benefits (including maintaining the ‘triple lock’ on the basic state pension) while making further deep cuts to working-age benefit spending. “Households in the upper half of the income distribution (but below the very top) are likely to see little direct impact of tax and benefit changes on their incomes on average, as some benefits cuts and small tax rises are offset by further increases in the income tax personal allowance, and the raising of the higher-rate threshold. ...
'Fairness' of 2016 budget under scrutiny image
Source : BBC [Read Article] Monday 21st of March 2016 01:04:48 PM
....The poorest 10%, the IFS says, were no better off and could actually see their net income fall slightly as benefits are reduced. To understand the differential impact it is worth going back to the pledges made in the Conservative manifesto - to increase the personal allowance before those in work start paying income tax. ...
Osborne's weakness suddenly becomes a big headache for Cameron image
Source : Guardian [Read Article] Sunday 20th of March 2016 04:02:21 PM
.... Osborne has made a fetish out of running a budget surplus by 2019-20, something for which there is no obvious economic rationale. He is seeking to do this whilst simultaneously reducing corporation tax, freezing excise duties on fuel, offering tax breaks to North Sea operators, and meeting Conservative manifesto pledges to increase the income tax personal allowance and the threshold at which people starting paying income tax at 40%. ...
There’s a tax the chancellor doesn’t mention: it’s national insurance image
....Every chancellor talks about tax-cutting, George Osborne more than most. Each of his budget speeches has been laced with claims about how many people he has taken out of paying tax by raising the personal allowance. ...
Web traders' tax breaks explained image
Source : BBC [Read Article] Friday 18th of March 2016 09:51:18 PM
....On the other hand, renting out parts of your home on a regular basis would normally be taxable. That's if you have already used up your personal allowance, the amount - currently £10,600 - that you can earn before income tax kicks in. ...
Osborne's fiscal illusion exposed as a house of credit cards image
Source : Guardian [Read Article] Thursday 17th of March 2016 06:51:12 PM
....Progress has been made despite tax giveaways and the loss of other sources of revenue. Osborne has raised the personal allowance from £6,500 to £11,000, cut corporation tax from 28% to 20% (with further reductions to come) and frozen excise duty on fuel for six years. ...
Budget 2016: IFS savages tax claims as 'rhetorical nonsense' image
Source : Guardian [Read Article] Thursday 17th of March 2016 03:06:22 PM
....”. Osborne used his last budget before the June referendum on the UK’s EU membership to woo voters with frozen fuel duty, a freeze on beer duty and an increase to the tax-free personal allowance – the level at which people start paying income tax. ...
What the 2016 budget means for you image
Source : Guardian [Read Article] Wednesday 16th of March 2016 06:42:36 PM
.... They receive no child benefit. 2016-­17 The increased income tax personal allowance means they pay £406 less in income tax, but they will pay an extra £124 in NI contributions. ...
What the Budget means for you image
Source : BBC [Read Article] Wednesday 16th of March 2016 04:14:52 PM
....The annual Isa limit for regular Isas for all age groups is to rise from £15,000 to £20,000. The amount of income people can earn before they start paying income tax - known as the personal allowance - is rising. ...
Is this really a budget for Generation Y? image
Source : Guardian [Read Article] Wednesday 16th of March 2016 03:41:12 PM
....Once again, Osborne was the master of policy theft from his rivals. The personal allowance was the Liberals’ flagship policy, but has skillfully become the hallmark of Osborne’s reign at the Treasury. ...
Budget 2016 at a glance: the key points image
Source : Guardian [Read Article] Wednesday 16th of March 2016 12:44:29 PM
....RM The increase in the 40p threshold is another tax cut for high earners to delight the Tory backbenches. The personal allowance changes will benefit middle and some lower earners too but not those at the very bottom of the income scale who are already taken out of tax altogether. ...
Budget 2016: George Osborne to announce fresh austerity measures image
Source : Guardian [Read Article] Wednesday 16th of March 2016 07:22:38 AM
....Osborne had faced claims of backing away from major changes after he dropped proposals for a radical overhaul of tax relief for pension contributions. However, he is expected to use the budget to set out the next steps towards implementing the Conservatives’ pre-election tax pledges, including increasing the threshold for the higher rate of income tax towards £50,000 by the end of the parliament and raising the tax-free personal allowance to £12,500. ...
Five key charts: what you need to know about budget 2016 and the UK economy image
.... Even at the height of austerity Osborne always found ways of funding populist measures, and indeed he has hinted that there could be some in Wednesday’s budget. They could include raising the personal allowance and the income level at which the 40p tax rate kicks in, to make progress on Conservative manifesto pledges to raise the personal tax allowance to £12,500 and the higher rate threshold to £50,000 by 2019-20. ...
Budget forecast: checklist for the chancellor image
Source : Guardian [Read Article] Tuesday 15th of March 2016 10:00:02 PM
Osborne's budget to set in motion high-speed rail and road tunnel schemes image
.... But the predicted price tag is £6bn, with the £75m promised this week only covering plans to explore various options. Osborne’s budget willalso deliver on Conservative manifesto promises to raise the personal allowance and the income rate at which the 40p higher tax rate takes effect. ...
Budget 2016: George Osborne fuels speculation of nasty shocks image
Source : Guardian [Read Article] Monday 14th of March 2016 07:43:55 AM
....The chancellor said the cuts amounted to an additional 50p for every £100 of public spending – which he described as not “a huge amount in the scheme of things”. He hinted that there could still be giveaways in Wednesday’s budget, including making progress on Conservative manifesto promises to raise the personal allowance – the chunk of pay workers are entitled too without income tax being deducted – and the income level at which the 40p tax rate kicks in. ...
George Osborne says he needs to cut spending by 0.5% image
Source : Guardian [Read Article] Sunday 13th of March 2016 11:33:35 AM
.... “On fuel duty we had a manifesto commitment there and we’ve pencilled in fuel duty plans going forward. “What I would say is every time we can help our economy be more competitive, we do: that’s why we’ve cut business taxes, that’s why we’ve helped working people by raising the personal allowance. ...
In this budget George Osborne has no room to make any mistakes | Andrew Rawnsley image
....So how else might he scratch the itch? One obvious way to try to buy popularity would be cuts to income tax, always a crowd-pleaser with the Tory party. He could advance the delivery of his election promises to increase the personal allowance and raise the threshold at which the 40% rate begins to bite. ...
Personal savings allowance changes: should I still get a cash Isa? image
Source : Guardian [Read Article] Saturday 12th of March 2016 07:01:10 AM
.... For example, if a basic rate taxpayer saves into an account paying 4. 15%, they would only need to deposit £24,096 before they use up their personal allowance, or £12,948 if they are a higher rate taxpayer. ...
George Osborne to back driverless car trials on UK motorways image
Source : Guardian [Read Article] Saturday 12th of March 2016 12:00:01 AM
....”. He is also expected to spell out how the government can make progress towards its manifesto pledges to raise the threshold for the higher rate of income tax to £50,000 and to increase the tax-free personal allowance to £12,500. ...
Savers get boost from April tax changes image
Source : BBC [Read Article] Friday 11th of March 2016 09:05:04 PM
.... . This follows a change in April 2015, which meant that anyone earning less than their personal allowance plus £5,000 does not have to pay tax on savings income. ...
George Osborne could raise higher tax rate threshold in budget image
Source : Guardian [Read Article] Sunday 6th of March 2016 05:08:16 PM
....The 40p income tax threshold is currently set at earnings of £42,385 and is due to rise to £43,000 from April before it hits £43,300 in 2017. Osborne is also reportedly examining a quicker increase in the personal allowance, which is due to rise to £10,800 from April and £11,000 in 2017, to reach £12,500 by 2020. ...
Osborne drops pensions tax plans image
Source : BBC [Read Article] Saturday 5th of March 2016 01:44:57 AM
....He called for a "period of stability" in pensions policy in the interest of encouraging people to save for the long term. Savers pay no tax on money they put into a pension but they do pay tax on what they take out each year beyond the personal allowance. ...
George Osborne says top earners paying £8bn more tax after 50p rate cut image
Source : Guardian [Read Article] Wednesday 2nd of March 2016 04:39:02 AM
.... “The last thing you do if you want to close the tax gap is close offices and cut staff,” he tweeted. The data from HMRC, published on Monday, also showed that successive increases in the tax-free personal allowance – a policy first championed by the Liberal Democrats in the coalition government and then adopted and extended by the Conservatives – meant that the total number of taxpayers had fallen by 200,000. ...
My nightmare year being chased by HMRC for fines on my grandfather's estate image
Source : Telegraph [Read Article] Sunday 21st of February 2016 08:04:41 AM
.... Frank Hancock died in December 2014, after an illness which had left him in hospital for over a year. He and his wife Joyce each took half the proceeds of a small delivery business, but Mr Hancock’s half was so low it was covered by the personal allowance and married couple’s allowance. ...
George Osborne to reap £21bn windfall from UK's 'safe haven' status image
Source : Telegraph [Read Article] Tuesday 16th of February 2016 12:03:02 AM
.... The Institute for Fiscal Studies said slower pay growth would reduce tax receipts by £5bn over the next four years compared with current forecasts, while turmoil in financial markets would reduce capital tax income by around £2bn. The IFS also highlighted that the Conservatives’ currently unfunded pledge to raise personal allowances for basic and higher rate taxpayers would cost £8bn. ...
Pensions tax raid would 'actively discourage' saving image
Source : Telegraph [Read Article] Tuesday 16th of February 2016 12:01:15 AM
.... . Individuals in that bracket are hit by a "tax trap" which means they pay the higher rate of tax and an additional 20 per cent income tax as their personal allowance is withdrawn. ...

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