personal-allowance

Tax-free Personal Allowance

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The commitment to raise the tax-free personal allowance to £12,500 and the threshold for higher-rate tax to £50,000 was re affirmed. After 2020 the thresholds will rise in line with the consumer prices index.

The National Insurance threshold for employees and employers will be aligned at £157 a week. There will be no cost to workers. As announced in the Budget, Class 2 National Insurance contributions will be abolished in April 2018, simplifying National Insurance for the self-employed.