23.03.2016 | Emily Hazell
George Osborne gave his Budget to Parliament last week. He announced a lot of changes for the future from eliminating the deficit over the next 4 years to every school becoming an academy by the end of 2020. What caught my eye though was the Personal Allowance increase.
The Personal Allowance is the amount of income you can earn before you start paying Income Tax. Currently, the Personal Allowance is at £10,600 which is going to rise to £11,000 in 2016 and in April 2017 it will increase further to £11,500. The point at which you pay the higher rate of Income Tax will increase too, from £42,385 to £43,000 in 2016 and then to £45,000 in 2017.
Here are some more of his announcements.