WELCOME TO THE NEW TAX YEAR!

TAX NOTES FOR 2017/18 from the Budget

Personal Allowance £11,500 (reduced for those with incomes over £100,000)

20% Rate Tax Band £33,500 (adding in the Personal Allowance of £11,500 means that your income would need to be in excess of £45,000 before the 40% tax rate would start to be charged)

Annual ISA Allowance £20,000 (up from £15,400 last year)

Lifetime Pension Allowance £1 million

Inheritance Tax Nil Rate Band £325,000 (same as last year)

Annual Pension Allowance £40,000 (reduced for those with incomes over £100,000)

Rent-A-Room Allowance £7,000 per annum tax free (same as last year)

National Living Wage £7.50 per hour (up from £7.20 per hour last year)