Today marks the dawn of the 2017-18 financial year, and with it comes a raft of changes that will impact your finances. The following list is not exhaustive, but it does include a few of the significant updates you need to be aware of.
- The basic personal tax allowance will increase from £11,000 to £11,500.
- The new Lifetime ISA has been introduced. Anyone aged between 18-39 can save up to £4,000 a year to gain a bonus of up to £1,000 a year from the Government. The new ISA can only be used to buy your first home or for retirement.
- There will be no personal allowance available where adjusted net income exceeds £123,000.
- The higher rate threshold will rise from £43,000 to £45,000. But Scotland will freeze the threshold at £43,000.
- The ISA annual maximum allowance is increasing from £15,240 to £20,000.
- There is now a new ‘family home allowance’ worth £100,000 per person when property is left to a direct descendant.
- Buy-to-let landlords will now face new limits on tax relief on mortgage interest.
For more information on the tax changes or to discuss the new measures in more detail, call us on 01794 525500 or email email@example.com.