Details of 2011/2012 tax thresholds and limits released

The Government has today confirmed 2011-12 rates and thresholds for Income Tax, National Insurance contributions (NICs), and tax credits. The limit for Individual Savings Accounts (ISA) for 2011-12 has also been confirmed.

As expected, the Government has effectively lowered the income level subject to the higher rate tax of 40%. This will now start at £42,475 (including personal allowance) instead of £43,875.

We will be releasing our annual pocket sized tax facts cards for 2011/2012 in due course.

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