Changes for the new tax year

Published by Sam Barrett on 02 April 2013.
Last updated on 02 April 2013

Personal allowance

Personal (income tax) allowance will increase from £8,105 to £9,440 for under 65s, but the rate is frozen at £10,500 and £10,660 for those aged 65 to 74 and 75-plus respectively.

Income tax

Income tax bands - the higher-rate tax band starting point falls from £42,476 to £41,451, pushing 400,000 workers into the higher-rate tax bracket by 2015/16.

Additional rate income tax - this falls from 50% to 45% for earnings of more than £150,000.

ISA allowance

The ISA allowance increases from £11,280 to £11,520, which is equivalent to a monthly increase of £20.

Junior ISA/CTF allowance - this rises from £3,600 to £3,720, which is equivalent to a monthly increase of £10.

Find the best Cash ISA or savings account for you

Pension

The basic state pension goes up from £107.45 to £110.15 a week.

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