Posted on: 13/03/2019

News

The spring statement also included some key changes for the 2019/2020 tax year surrounding pensions, tax bands and more.

Key changes for the forthcoming 2019/20 tax year include:

• The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead of schedule.
• Scottish tax bands have been revised, but the higher rate tax threshold remains unchanged at £43,430 – much lower than in the rest of the UK.
• The Junior ISA limit will rise to £4,368, although other ISA limits are unchanged.
• The pension lifetime allowance will rise to £1.055 million, with no changes to the annual allowances.
• The VAT registration threshold has been frozen for a further two years, meaning it will be £85,000 until April 2022.
• Entrepreneurs’ relief has been kept, but the minimum qualifying period has been extended to 24 months, to encourage longer-term investments.

Download Tax Tables 2019/20