Tax calculator: How will the Budget change what you pay? Use our tool to find out
Changes will affect the take home pay of thousands of workers across the country
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Your support makes all the difference.Philip Hammond’s Budget presented a gloomy picture for the state of the UK economy, with his admission that growth and productivity forecasts had been downgraded.
The Office for Budget Responsibility (OBR) has predicted lower growth than at any time in its history but the Chancellor announced a splurge of new investment, including:
- £3bn set aside for preparing for Brexit;
- an immediate £350m cash boost for the NHS;
- a £2.5bn investment fund;
- and £500m support for the tech industry.
Among the other measures unveiled in the Chancellor’s plan for the economy was a rise in the income tax-free personal allowance - to £11,850 - and an increase in the higher rate threshold to £46,350.
The national living wage is also set to increase by 33p an hour to £7.83 next April for workers aged over 25.
Statutory rates for 21 to 24-year-olds will go up by the same amount to £7.38, by 30p for 18 to 20-year-olds to £5.90 and 15p to £4.20 for 16 and 17-year-olds.
The rate for apprentices aged under 19 or in the first year of an apprenticeship will increase by 20p to £3.70.
The new national living wage will still be lower than the voluntary "real" living wage of £10.20 an hour in London and £8.75 outside the capital.
The changes will affect the take home pay of thousands of workers across the country.
The Independent’s tax calculator offers the chance to work out exactly how much you stand to benefit – or lose – from the new tax rules.
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