Income Tax

You'll be able to earn up to £11,500 a year without paying a penny of tax from next April, Chancellor Philip Hammond has confirmed.

Chancellor George Osborne has announced a range of tax cuts for individuals, with the headline news being that the level at which people start to pay income tax will rise to £11,500 in April next year.

Millions get an income tax cut over the next few years as the Chancellor is to bring forward planned increases to both the personal allowance and the higher rate tax thresholds.

Update: 1 June 2015: The Government has today announced that the 30 hours of free childcare for three- and four-year-olds will actually roll out in September 2016 in some pilot areas, ahead of the full expansion in September 2017.

From today a host of changes take force, which could see the tax you pay and the savings you make alter. Other changes will see new pension freedoms taking effect, as well as the ability to transfer Child Trust Fund savings into a Junior ISA.

The majority of people will get a small tax cut over the next few years, under changes to the personal allowance announced by Chancellor George Osborne today. Meanwhile, you'll need to earn more to pay the higher rate tax.

Chancellor George Osborne said today he will scrap the annual self-assessment tax return and replace it with a 'digital tax account' from early next year.