Happy new tax year!
The arrival of the new tax year means some big changes to the nation's personal finances, most notably the introduction of the 50% income tax band for top earners. The BBC have pulled together the changes in a neat table which I have included below. If you want to read the full article then click here.
|Basic state pension||Up £2.40 a week||The weekly pension will go up to £97.65, for a pensioner couple it be £156.15|
|National Insurance contributions||Only 30 years needed||The qualifying years of NI payments for the basic state pension has dropped by nine years|
|Occupational pensions||Five year delay claiming||People now have to be 55 to receive occupational or personal pension payments|
|Top tax band||50% rate introduced||New tax rate for those earning over £150,000 a year|
|Tax allowance||High earner tax allowance withdrawn||Those earning over £100,000 will see the progressive withdrawal of their personal income tax allowance|
|Isa limit||New limit of £10,200||The tax-free allowance limit on Isas rises|
|Paternity leave||Up to 26 weeks||Additional paternity leave available by transferring leave from the mother|
|Maternity pay||Up to £124.88 a week||The statutory maternity, paternity and adoption pay rises|
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