Following the autumn statement 2022, HMRC have issued details of the rates and allowances that will apply up to 5 April 2028:
“The Personal Allowance (PA) and basic rate limit will be fixed at their current levels up to and including 2027 to 2028 tax year. It will set the PA at £12,570, and the basic rate limit at £37,700 for tax years:
- 2026 to 2027
- 2027 to 2028
The Primary Threshold (PT) for Class 1 NICs, the Lower Profits Threshold (LPT) for Class 2 NICs and Lower Profits Limit (LPL) for Class 4 NICs will remain aligned with the Personal Allowance for Income Tax for these years.
The higher rate threshold (the PA added to the basic rate limit) will be £50,270 until 5 April 2028.
The NICs Upper Earnings Limit (UEL) and Upper Profits Limit (UPL) will remain aligned to the higher rate threshold at £50,270 for these years.”
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