The main tax allowances for 2014/15 have increased to the following amounts:
Individual Personal Tax Allowance: £10,000
Individual Personal Tax Allowance for those who were born between 6 April 1938 and 5 April 1948: £10,500
Individual Personal Tax Allowance for those who were born before 6 April 1938: £10,660
So the personal tax allowances for all ages are starting to come into line and the idea is to increase the general personal allowance to £10,500 so there may not be any age advantage at some point in the future.
There are some big changes to ISA limits in the 2014/15 tax year. In particular ISAs will change with effect from 1 July 2014 both in the amount you can save and the way you can save it.
So in general the ISA limit from 6 April 2014 is that you can pay £5,940 into a cash ISA and the total amount you can pay into both stocks and shares, and your cash ISA is £11,800.
Then on 1 July 2014 the name will change to a New Individual Savings Account (NISA) and the combined limit on cash and stocks and shares NISAs is £15,000 – this amount includes any money that you have paid into your old ISAs after 6 April 2014.
All old ISAs will be renamed NISAs from 1 July but cash and stocks and shares can be held within the same NISA.
Information About UK Tax Rates
