Tax and NI allowances set for 2008-09

The Treasury has now published the Income Tax, National Insurance contributions, Child and Working Tax Credit rates for 2008-09 and other rates.

Highlights
The single person’s personal allowance will be £5,435 (2007/08 £5,225), and there are greater increases for those over 65 years and those over 65 and entitled to the married persons allowance as already announced in March’s budget.

The Annual Allowance for pension contributions increases by £10,000 to £235,000.

Some employees will be up to £520 p.a.

Continued...