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Personal Allowance set to rise next year as HMRC makes changes – impact for Britons

PERSONAL ALLOWANCE is an important threshold for many people to consider, as above this sum, tax is likely to be levied. As a result, many Britons may be pleased to note the sum will rise next year.

PUBLISHED: 09:21, Tue, Dec 22, 2020 |

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Personal Allowance relates to Income Tax, which is a levy paid on certain types of income. For people to sort out their Income Tax, they must deal with Her Majesty’s Revenue and Customs (HMRC), and this will be the case for millions of people. While Income Tax can differ when it comes to different types of employees, for example those on PAYE compared to people who are self-employed, Personal Allowance affects many.

Above a set level of Personal Allowance, tax must be paid relevant to the amount a person earns.

The government has explained the current levels for people to bear in mind.

Its website reads: “The standard Personal Allowance is £12,500, which is the amount if income you do not have to pay tax on.

“Your Personal Allowance may be bigger if you claim Marriage Allowance or Blind Person’s Allowance.

“It’s smaller if your income is over £100,000.”

READ MORE: HMRC warning: Britons offered hundreds in ‘tax rebate’ scam

 

 
 

 

 

Personal Allowance HMRC

Personal Allowance set to rise next year as HMRC makes changes – impact for Britons (Image: Getty)

But it has now been confirmed Personal Allowance will increase in the new tax year.

Personal Allowance will rise in accordance with inflation, which is formally known as the Consumer Prices Index (CPI).

This means Britons can expect an increase to Personal Allowance of 0.5 percent. 

 
 

The decision was first announced in the Chancellor Rishi Sunak’s Spending Review.

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