Thousands in region now out of income tax
THE TAX-FREE personal allowance will increase by £350 from today, in a move the Treasury says will take 93,000 people in Yorkshire out of income tax.
Hundreds of thousands of graduates will also save up to £360 a year from the increase of the student loan repayment threshold, which comes into effect today.
They are among a number of changes coming into force this month, including an increase in the National Living Wage by 4.4 per cent from £7.50 to £7.83.
The State Pension will increase by three per cent, meaning a cash increase of £3.65 per week for those in retirement, while for those who reached State Pension age after April 2016 it will rise by £4.80 per week.
Chancellor Philip Hammond, who yesterday met the Norwegian Finance Minister Siv Jensen at Downing Street, said: “From today, families in Yorkshire will have more pounds in their pocket and keep more of their hardearned wages.”
He added: “By increasing the National Living Wage, cutting income tax and freezing fuel duty for the eighth year running, we are boosting living standards for millions of people this April, giving them more choice over how to use their pay packet and building an economy that works for everyone.”
The Government says that by 2020, parents and grandparents will be able to pass on assets of up to £1 million to their children and grandchildren without paying any inheritance tax.