£10,000 tax-free next year

From April 2014 the standard personal income tax allowance will rise by £560 to £10,000, a move that will deliver a tax saving of £112 to basic rate taxpayers.

A new tax break for married couples will start in April 2015, when a non-earning husband or wife will be allowed to transfer up to £1,000 of their personal allowance to their spouse provided they pay income tax at the basic rate. This tax saving will be worth £200 a year.