Tax allowances 'only going to get worse' as thresholds decrease by 11%

clock • 2 min read

Research by Quilter has found that over the past decade, the main tax allowances and thresholds have decreased by an average of 11%. Analysis of the nine main tax allowances provided to individuals found that while the personal allowance - the amount you can earn before paying income tax - has increased by 93% in the last decade, it has come with huge cuts to pension allowances and a freezing of the inheritance tax nil rate band. The annual allowance you can save into a pension has been reduced by a staggering 84%, while the equivalent lifetime allowance has dropped by 40%. Furthermor...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.