Chancellor brings forward rise in personal allowance, 40% tax threshold

An increase in the higher-rate tax threshold, above which income is taxed at 40%, to £43,000 has also been brought forward to next year. The Conservatives made a manifesto pledge for the personal allowance to hit £12,500 by the end of their five-year parliamentary term. The personal allowance was previously raised from £10,600 in 2015-16, to £10,800 in 2016-17, and £11,000 in 2017-18. The £11,000 mark will now be in place next year, the Chancellor said. He also said the personal allowance will in future "always rise in line with the minimum wage". "Our priority is not to raise t...