Summer Budget 2015 – Increases in the personal allowance and higher rate threshold

The personal allowance is scheduled to increase from £10,600 in 2015/16 to:

£11,000 in 2016/17,

£11,200 in 2017/18.

 

The 40% higher rate threshold is also to increase from £42,385 in 2015/16 to:

£43,000 in 2016/17,

£43,600 in 2017/18.

First Published 02 September 2015, Release 4.0.19

 

Future escalation of the personal allowance and tax thresholds

In Voyant, both tax bands are then escalated thereafter based on the software’s Default Tax Table Assumptions, a setting found in Preferences. 

This assumption is found on the Preferences screen (click the cog icon, top-left). Expand the Default Inflation/Growth Rates panel. 

  

The setting in Plan Preferences, to the right side of the screen, will apply to the client case that you are presently viewing. This assumption can also be edited on a per scenario basis within the client case. 

The escalation setting in System Preferences, to the left side of the screen, is used only as an initial default in newly created client cases.

 

 

Related topics

Release Notes - Version 4.0.19 - 02 September 2015