Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

The main changes for 2014/15 are:

  • Personal allowance increase to £10,000
  • Annual investment allowance increases to £500,000
  • ISA subscription limit increases to £11,880
  • New ISA launches on 1 July with an overall ISA/New ISA investment limit of £15,000 for 2014/15
  • Car benefit multiplier increases to £21,700
  • Basic state pension increases by £2.95 to £113.10 per week
  • Pension input limit reduces from £50,000 to £40,000
  • Pension cumulative limit reduces by £250,000 from £1,500,000 to £1,250,000

Plummer Parsons