The new tax year starting in April will see personal allowances frozen, as well as cuts to tax exemptions that could increase your tax bills.
Your tax-free personal allowance will be frozen for the third year running at £12,570 and the basic rate band also held at £37,700. This means you will pay tax at the 40% rate when your total income exceeds £50,270. You can increase your higher rate threshold by making charitable donations under Gift Aid or paying pension contributions.
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