Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.

RG2015

RG2015 said:l

SallySunshine said:

My husband received an e-mail saying his tax code had changed for this April, logged onto their site and it is saying his annual allowance is now 12570, so a rise of £70.
this is the first I’ve heard of this rise?

See the info on the link below showing the personal tax allowance at £12,570 for 2021/2022. 

https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2021-to-2022#tax-thresholds-rates-and-codes

Update. This was part of the spending review which said (apparently) that it would increase in line with the September 2020 CPI figure of 0.50% as per the article from November 2020 on the link below

https://www.yourmoney.com/saving-banking/personal-allowance-set-to-rise-0-5-next-year/

The Sunday Times is reporting this morning that the Chancellor is going to freeze the personal allowance at £12,500 for the next three years. The higher rate tax bands will also be frozen at current levels. This has been mooted for quite a while now, but The Times tends to have more credible inside information.

2010

According to my latest code for the next tax year my personal allowance is £12570.

RG2015

2010 said:

According to my latest code for the next tax year my personal allowance is £12570.

Yes, mine too. The point is that the £70 increase was not confirmed, hence the suggestion that the Chancellor may choose not to implement the change come April.

Dazed_and_C0nfused

RG2015 said:

2010 said:

According to my latest code for the next tax year my personal allowance is £12570.

Yes, mine too. The point is that the £70 increase was not confirmed, hence the suggestion that the Chancellor may choose not to implement the change come April.

It is confirmed in the sense it is what the current legislation requires.  But the chancellor could obviously decide to change that in the budget next week.

https://www.legislation.gov.uk/ukpga/2007/3/section/57

polymaff

There's about 50 years of history on the subject of index linking being over-ruled.

Remember Rooker-Wise?...

2010

It`s hard to see him reversing it now it`s already on people`s codes.
Wouldn`t be popular.
Probably the last increase in personal allowance for a few years.

AlwaysLearnin

Not sure it would be worth the additional admin either would it (only £14 tax difference for basic rate payers?) 

happybagger

I think it will be kept at 12.5k as per the Times article.
It's not really a 'reversal' as such, it's more something that wouldn't be implemented.

And let's be honest, £14 quid extra tax bill next year will be insignificant in the grand scheme of starting to pay back the government for all the businesses they've kept shut in the last year.

RG2015

AlwaysLearnin said:

Not sure it would be worth the additional admin either would it (only £14 tax difference for basic rate payers?) 

£14 per annum for each basic rate tax payer would raise over £1 billion over three years, so it probably is worth the admin cost to HMRC.

eskbanker

RG2015 said:

AlwaysLearnin said:

Not sure it would be worth the additional admin either would it (only £14 tax difference for basic rate payers?) 

£14 per annum for each basic rate tax payer would raise over £1 billion over three years, so it probably is worth the admin cost to HMRC.

....and if the allowance is frozen for three years, the gap to the inflated figure will grow each year, so that £14 would (roughly) become £28 in year two and £42 in year three, assuming the same rate of inflation, thereby doubling the effective take.