Budget 2015: Tax-free allowance and higher tax band raised

The personal tax-free allowance will rise to £10,800 next year, Chancellor George Osborne said in Wednesday's Budget, rising again to £11,000 by 2017. Osborne said the move means typically people will be £900 better off, with 27 million people enjoying a tax cut. The higher-rate tax threshold, above which income is taxed at 40%, will also increase. It will rise from £42,385 this year to £43,300 by 2017-18, Osborne said, as a result of the move to up the tax free personal allowance. The current income tax personal allowance for most people is £10,000 - up from £9,440 in 2013-2014...