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The new tax year is here

The new tax year is here

Category: Money

Updated: 06/04/2009
First Published: 06/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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