Key Points Taxation

Personal allowance to rise from £11,500 to £11,850 Threshold for paying 40pc rate to rise from £45,000 to £46,350 Commitment to raise personal allowance to £12,500 and higher rate to £50,000 by 2020 Consultation on how to make the taxation of trusts “simpler, fairer, and more transparent” Proposals to extend tax relief currently available to employees and the self-employed for costs of work-related training Review of corporate tax to ensure digital firms pay a “fair amount” Short-haul air passenger tax and long-haul economy rates to be frozen