Budget 2014 – Tax

So George Osborne outlined a number of tax changes in the 2014 Budget, including the raising of personal allowance thresholds for both basic rate and 40p rate taxpayers.
For 2015-16, basic rate taxpayers will be able to earn £10,500 before they start paying income tax (from next month, April 2014, the figure will be £10,000).

The threshold for the 40p income tax rate is to rise from £41,450 to £41,865 next month, and by a further 1% to £42,285 for 2015-16.

From 2015-16, married couples and civil partners will be able to transfer £1,050 of their income tax personal allowance to their spouse or civil partner. Couples where neither partner is a higher or additional rate taxpayer will be eligible to transfer. The transferable amount will be set at 10% of the personal allowance in each tax year.

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