What the new tax year changes mean for your personal finances
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|Tax allowance||High earner tax allowance withdrawn||Those earning over £100,000 will see the progressive withdrawal of their personal income tax allowance|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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