Personal allowance and higher rate tax threshold frozen for 5 years

March 3, 2021|In KRW Tax news|By Keith Witchell

The Chancellor also announced that the new personal allowance of £12,570 which arrives in April 2021 will be frozen for 5 years until 2026. Alongside this the higher rate tax threshold, which will see a small increase to £50,270 from April 2021, will also be frozen until April 2026. As salaries rise to keep pace with cost of living this means more and more people will be pushed into higher rate tax.

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Keith Witchell