Budget 2018: Hammond to hike income tax relief a year early
UK deficit to reach lowest level in 20 years by 2023/24
Philip Hammond prepares his Budget 2018 speech. Photo: Chris J Ratcliffe/PA Wire/PA Images
Chancellor Philip Hammond announced today (29 October) that the income tax personal allowance and higher rate threshold will be increased in April 2019, bringing forward the Conservative's 2017 manifesto by a year.
Plans to increase the personal allowance to £12,500 and the higher rate to £50,000 by 2020 - announced in May 2017 - will now kick in next year, Hammond revealed in today's Budget. Currently, the personal...
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