ARTICLE · 21 MARCH 2012

Personal Tax Allowance Rapidly Rises

Smith & Williamson

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Richard Mannion, national tax director at Smith & Williamson, the accountancy and investment management group says:

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Richard Mannion

Richard Mannion, national tax director at Smith & Williamson, the accountancy and investment management group says:

The chancellor today announced that he will raise the personal tax allowance at a faster pace in an effort to take millions of low earners out of the tax system all together.

The tax-free allowance currently stands at £7,475 and will increase to £8,105 this April. However, the big news is that it will reach £9,205 in April 2013 instead of the previously announced £8,735. Effectively a £1,100 increase.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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