WGPlus (Archive)

Sometimes HMRC is less of a ‘financial vampire’!

Some of tax changes starting in April 2016:

  • The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000
  • People renting out a furnished room in their home won’t pay tax on the first £7,500 they earn; up from £4,250
  • A new personal savings allowance of £1,000 (or £500 for higher rate taxpayers) is being introduced for the income that people earn on savings
  • Savers will be able to take money out of an ISA & put it back in later in the year without losing ISA tax benefits
  • Charities will be able to claim a 25% top up through the Gift Aid Small Donations Scheme on up to £8,000
Researched Links:

HMT:  New tax year: changes coming into effect in 2016

Defra:  Extended tax averaging for farmers starts

NEF:  Tax & savings changes - who’ll benefit the most?
Facing the Future...find out more