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In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level.
Introduction of a new 20p rate of income tax for the first £2,000 of earnings; Personal allowances to rise with inflation, but 40p top tax rate remains unchanged; Tax on sale of new cars halved to 5%; Excise duty on betting reduced from 8% to 7.75%; Duty on beer increased by 1p; Duty on wine increased by 5p a bottle; Duty on spirits increased ...
In May 2008, the Chancellor of the Exchequer announced that the 2008–09 personal allowance would be increased by £600 (from £5435 to £6035) [10] to help low-income tax-payers affected by the abolition of the 10% starting rate of income tax. At the same time, the threshold for higher rate income tax was reduced by £600, so that higher rate ...
[1] [3] [4] Furthermore, the personal tax allowance was increased by 7.4%, double the rate of inflation. [5] Corporation tax was also reduced from 27% to 25% for smaller companies. [ 5 ] Inheritance tax was simplified, with the four rates between 30% and 60% replaced by a single 40% rate, while the threshold at which inheritance tax was levied ...
Personal tax allowances frozen for two consecutive years [4] 20p tax band extended by £500 to £3,000 [h] [4] Blind Person's Tax Allowance to increase from £1,080 [i] to £1,200 [j] [4] Married Couples' Tax Allowance to fall to 20% in 1994 and 15% in 1995 [4] Mortgage interest relief to fall from 25% to 20% in 1994, and to 15% in 1995 [4]
In addition, the NCA acts as the UK point of contact for foreign law enforcement agencies. It replaced the Serious Organised Crime Agency in 2013. Gangmasters and Labour Abuse Authority (GLAA) – a Home Office investigative agency for labour exploitation, also working with other agencies on organised crime. [9]
From 2014, income tax-payers will receive a 'personal tax statement' outlining how their income tax and National Insurance contributions were spent. Also from April 2013, people over 65 years of age will not get an enhanced personal income tax allowance, known as the age allowance.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.