United Kingdom
30 November 2011 - Income tax and national insurance rates and allowances for 2012/13
HM Treasury has published the proposed income tax and national insurance rates, allowances and thresholds for 2012/13.
Progress continues to be made under the coalition Government’s commitment to increase the personal allowance for individuals aged under 65 to £10,000, with an increase of £630 from £7,475 this year to £8,105 in 2012/13.
The level of taxable income in 2012/13 at which the 40% income tax rate will apply will be reduced from £35,000 to £34,370, but the 50% rate band will be unchanged, applying to taxable income over £150,000.
National insurance contribution rates will be unchanged for 2012/13, but there will be the usual small increases to the weekly earnings levels for employees’ and employers’ contributions.
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