How much income can you receive before paying tax
- 2018/19 – £11,850
- 2019/20 – £12,500
- you start to lose this allowance when annual income exceeds £100,000
How much income can you receive before paying higher rate tax (40%)?
- 2018/19 – £46,350
- 2019/20 – £50,000
ISA contribution limits
- The annual ISA limit will remain at £20,000 for 2019/20
- The Junior ISA annual limit will rise to £4,368 in 2019/20 (currently £4,260)
Capital Gains Tax (CGT)
- The Annual Exempt Amount of CGT for individuals will rise to £12,000 for the 2019/20 tax year (currently £11,700).
- The lifetime allowance for pensions will increase to £1,055,000 in 2019/20.
- The annual allowance for pensions remains at £40,0000 in 2019/20.
This blog is intended as information only and does not constitute advice in any way. The information contained herein could be wrong or may have changed by the time you read it so should not be relied upon in any way.