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2018 Budget – Personal Taxation Summary

Personal Taxation

  • The personal allowance threshold, the rate at which people start paying income tax at 20%, is to rise from £11,850 to £12,500 in April – a year earlier than originally planned.
  • The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise from £46,350 to £50,000 in April, after that, the two rates will rise in line with inflation.
  • National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.
  • Tax rates and thresholds are different in Scotland. The Scottish government’s Finance Secretary Derek Mackay will set out his plan for Scottish tax payers on 12 December.
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