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Change in personal allowances

In his recent Autumn Statement, the chancellor announced a change in Tax-free Allowances.  From April 6 2012, personal allowances will rise by £630 to £34370.  These changes will equate to a tax saving of £126 whether you pay basic or higher rate tax.  However, if your taxable income is more than £116210, you won’t benefit at all from the increase.

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