Home Finance Tax allowances increase: When will tax allowances rise this year?

Tax allowances increase: When will tax allowances rise this year?

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Currently, the tax-free allowance is set at £12,500 for the 2020/2021 tax year.

For the 2021/2022 tax year, the personal tax-free allowance will rise to £12,570.

This will be the limit unless your income level is more than £100,000.

Once your income exceeds £100,000, you lose £1 of your personal tax-free allowance for every £2 you earn.



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