We've put together a brief summary of some of the most crucial changes for individual taxpayers.
It's mostly good news except if you buy a lot of sugary drinks or earn dividends.
The annual personal allowance on which income tax does not have to be paid has increased to £11,850 from £11,500 last tax year.
You'll pay 20% income tax on the remainder of your income up to £46,350 this is up from last year's £45,000
Mandatory pension contributions for employers have also changed. As of the new tax year you'll have to pay 3% of your salary towards your pension. It was previously 1%. On the flipside - mandatory contributions from your employer are also increasing from 1% to 2%.
The National insurance rates stay the same but the limits increase so you'll pay a little bit less. Starting from earnings above £8,164 you'll pay 12% for national insurance and 2% on any additional earnings above £46,350
Capital gains earnings up to £11,700 are exempt from capital gains tax. This was £11,300 previously
The tax free annual allowance on dividends drops quite a bit. The first £2,000 of dividend income is now tax free. It used to be £5,000.
The amount that individuals can invest annually in businesses via the Enterprise Investment Scheme (EIS) has doubled to £2 million
Last but not least: the so called "sugar" tax kicks in as of today. Expect the prices of your favourite soft drinks to go up by 20p per litre.
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