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Income Tax personal allowances.
whattochoose
Posts: 797 Forumite
in Cutting tax
I see the 2019/20 personal tax allowance of 12500 will remain unchanged for tax year 2020/21.
Normally, they're increased year on year to a greater or lesser extent.
Why are they not being increased this year?
Thank you.
Normally, they're increased year on year to a greater or lesser extent.
Why are they not being increased this year?
Thank you.
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Comments
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The budget hasn't happened yet. That's on 11 March this year.0
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https://www.churchill-knight.co.uk/blog/2020/01/tax-year-changes-2020-21/Dazed_and_C0nfused said:The budget hasn't happened yet. That's on 11 March this year.
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This information is based on the Government’s manifesto pledges and is subject to change in the Budget, which will be announced in March.
A few years back Personal Allowance was £6,445(?) two years running.
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Last year the tax allowance had a fairly large inflation busting 5.5% increase from £11850 to £12500 and the chancellor stated that there would be no increase this year and future years would see the allowance increase with inflation. Whether that plan will be carried through, who knows.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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The PA has been increased way above inflation in recent years, the govt have now promised to increase the NI primary threshold (the level at which employees start paying NI) instead. The budget a year ago said the PA would remain frozen next tax year, wouldn't be surprised to see it frozen for a few more years while the NI PT catches up.
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