Summer Budget 2015 Reaction: Income Tax Rates & Allowances.

Unshackled by his coalition partners, George Osborne used his first Budget of the new parliament to announce some major changes to personal and business tax. His aim was to move to a high wage, low tax and low benefits economy.

The main rates of income tax are unchanged.

The personal allowance will be £11,000 in 2016/17, and the higher rate threshold will be £43,000. The additional rate threshold remains at £150,000, and despite the rumours, there was no mention of a reduction of the 45% rate.