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Carl Summers Budget Bulletin 2015

15th July 2015

The Personal Allowance

Last year’s Budget revealed that that the 2015/16 personal allowance would be £10,500, but the Autumn Statement added a further £100 bringing the figure to £10,600. However, many people do not even use the current personal allowance (£10,000 in 2014/15), and there

remains a £2,500+ gap between it and the starting point for National Insurance contributions (£8,060 in 2015/16).

At the other end of the income scale, about 1 in 50 taxpayers will have no personal allowance in 2015/16 because their income exceeds £121,200 at which point their allowance is tapered to nil. Further increases to the personal allowance are due in 2016/17 and 2017/18, taking it up to £11,000 and extending the income level at which the personal allowance is lost to £122,000.

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