Tax allowances increase: How much will Personal Allowance rise by in 2021/2022? | Personal Finance | Finance

“It is reduced by £1 for every £2 of income over this limit.”

For income between £12,501 and £50,000, the basic rate of Income Tax is 20 percent.

The higher-rate Income Tax threshold of 40 percent is currently £50,000, but this will rise to £50,270 in April 2021.

The additional-rate Income Tax threshold of 45 percent is currently £150,000 and this rate will remain the same for April 2021.

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