Tax rates and allowances
With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.
The main changes for 2016/17 are:
- Personal allowance increase to £11,000
- Introduction of a new £5,000 band for savings
- Transferable couples/civil partners allowance of £1,100
- Introduction of a personal savings allownance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers
- Car benefit multiplier increases by 2%
- Basic state pension increases by £3.35 to £119.30 per week.