Higher rate UK taxpayers gain most in budget changes
(The Guardian Money News)

Rise in personal tax allowance benefits higher ratepayers by £340 a year with basic rate band £70 better off and universal credit recipients better by just 50p per week Higher rate taxpayers will be £340 a year better off after budget changes to income tax, but lower earners will gain just £70 and those on universal credit just 50p a week, as the chancellor rejected accusations that the well-off do not pay enough tax.The personal allowance - that part of your pay not liable for income tax - will go up to £11,850 from April next year, a £350 increase from the current level. The rise will help Philip Hammond meet the Conservative election pledge to raise the allowance to £12,500 by 2020. In practice, it turns into a £70 saving for a basic rate taxpayer, as it means that £350 more of their income is not liable to 20% income tax. Continue reading...