Tax & Accounting News

Tax rates and allowances for 2008/09

19/10/2007

The income tax, national insurance, tax credits and pensions rates and allowances for 2008/09 have been announced.

Most amounts are increased by the normal inflationary factor, but there are a few additional increases. The main changes are:

- The personal allowance will rise by £210 to £5,435

- The personal allowances for those aged 65-74 and over 75 will rise by £1,480 and £1,490 to £9,030 and £9,180 respectively

- The pension schemes annual allowance will rise by £10,000 to £235,000, and the lifetime allowance will rise by £50,000 to £1,650,000

- The national insurance weekly upper earnings limit will rise by £100 to £770

- The national insurance class 4 annual upper profits limit will rise by £5,200 to £40,040

Click here for details of all the changes.

 

Print page