In recent years Chancellors have taken to announcing tax changes a year or more in advance, so it’s easy to get confused about what happens when.
The Mail usefully reminded readers about key dates coming up. On April 6th, the personal tax allowance rises to £10,600 and the higher rate tax threshold to £42,385; the ISA limit rises to £15,240 and the Junior ISA limit to £4,080. Married couples can transfer up to £1,000 of their personal allowance to a spouse who is a basic rate taxpayer, with up to £200 per year tax saving. In May, air passenger duty for children aged under 12 is abolished, and in March 2016 it is abolished for children aged under 16. In September, the new childcare scheme with up to £2,000 per year tax breaks starts up, and so does the new Help to Buy ISA.