+ personal allowance increases to £11,850, but individuals earning over £100,000 lose their + personal allowance by £1 for every £2 over this threshold, meaning an effective 60% tax rate between £100,000 and £123,700.
+ basic rate band increases to £34,500, meaning someone does not pay higher rate (40%) tax until they earn income of over £46,350.
+ dividend allowance reduces to £2,000, from its original level of £5,000 when it was introduced on 6 April 2016. The reduction in the dividend allowance will cost a basic rate taxpayer £225 a year; a higher rate taxpayer £975 a year and an additional rate taxpayer £1,143 a year.
+ capital gains annual exemption increases to £11,700.
Inheritance tax residence nil rate band increases to £125,000 from £100,000.
Individual landlords will only be able to deduct 50% of their mortgage interest (reduced from 75%) as a deduction against rental income, with the remaining 50% available as a basic rate tax credit.

Source: Accountacy Daily

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Office Telephone: 01752 895648
Office Address: 15 Erme Court, Leonards Road, Ivybridge, PL21 0SZ
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