News

Tax Tables 2017-2018

16/03/2017
Tax Tables 2017-2018
The Spring Budget also included some key changes for the 2017/2018 tax year

  • The personal allowance will rise to £11,500 in April 2017 and to £12,500 by 2020, and the higher rate income threshold will rise to £45,000, although special rules will apply in Scotland. 
  • The Chancellor confirmed that corporation tax will be cut to a rate of 19% from April 2017 and that the rate will be further reduced to 17% in 2020.
  • The government has announced it will consult on proposals to redesign rent-a-room relief, to ensure it is better targeted to support longer-term lettings.