2019-20 Self-Employed Allowance & Tax
This measure increases the Personal Allowance to £12,500 for 2019 to 2020. The basic rate limit will be increased to £37,500 for 2019 to 2020. As a result, the higher rate threshold will be £50,000 in 2019 to 2020.
This measure will set the Personal Allowance at £12,500, and the basic rate limit at £37,500 for 2020 to 2021. The higher rate threshold will be £50,000 in 2020 to 2021.
From 2021 to 2022 onwards, the Personal Allowance and basic rate limit will be indexed with the Consumer Price Index (CPI).
Changes to the basic rate limit, and higher rate threshold, will apply to non-savings, non-dividend income in England, Wales and Northern Ireland, and to savings and dividend income in the UK.