6th April 2014, saw an increase in the personal tax threshold to 10,000, as announced in the March budget. In his Budget speech, George Osborne said the rise in the tax-free personal allowance is a "central part of our long term economic plan that people keep more of the money they have earned." and pointed out that the personal tax allowance was 6,500 when the coalition came to power.

 

Most people will note the change to your tax code on your payslip which has changed from 944L to 1000L.

 

The move will make basic-rate taxpayers 112 better off and take as many as 3 million people out of the tax net. Some of the tax giveaway however will be clawed back by a further reduction in the starting point for the 40% tax rate, which will come down from 32,010 to 31,865

 

And there is further gloomy news as median pay for employees, which stood at 24,800 in 2009, will fall to 21,600 by 2015 after taking into account inflation, a drop of 13%.

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