The most important change is to the personal income tax allowance, rising by a higher-than-expected £1,335 to £9,440 from April. This is not quite so good for higher rate taxpayers since the threshold at which 40% tax starts to be paid falls from £42,475 to £41,450 from April as part of the previous austerity package. The top income tax rate also falls from 50% to 45% with effect April, while the ISA allowance rises from £11,280 to £11,520. New restrictions on pension contributions come into affect from April 2014.
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