With the new tax year starting today, a number of important changes have come into effect that could affect the tax that you pay or the benefits that you receive. Basic rate taxpayers should benefit from a £440 rise in their personal income tax allowance, which means income tax will not be payable until earnings exceed £6,475. Amongst those that should be better off are pensioners, who will see a rise in the basic State Pension from £90.70 to £95.25 a week. The Pension Credit is also increasing from £124.05 to £130.00 a week for individuals and from £189.35 to £198.45 a week for couples. Meanwhile, the threshold before inheritance tax becomes payable is rising from £312,000 to £325,000. For more details on exactly what the new tax year will mean for you, visit http://www.direct.gov.uk/en/Nl1/Newsroom/DG_177240
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