New tax year - 6 April
4th April 2017
6 April - Income tax
The personal allowance increases from £11,000 to £11,500.
A £1,000 allowance for property income and a £1,000 allowance for trading income will come into effect from 6 April.
You won't need to declare or pay tax if you have income from either source of less than £1,000.
If you have income above £1,000, you will be able to deduct expenses in the usual way or deduct the £1,000 allowance.
An additional nil-rate band of £100,000 will be introduced for property passed down to a direct descendant.
The annual investment limit will increase from £15,240 to £20,000. The limit for a Junior ISA will rise from £4,080 to £4,128.
A new type of ISA – the Lifetime ISA – will be available for adults under the age of 40.
Individuals will be able to contribute up to £4,000 a year and will receive a 25% bonus from the government.
These savings can be used to purchase a first home once the account has been open for a year.
Alternatively, savings can be withdrawn for any reason from the age of 60. Withdrawing the funds at other times may lead a withdrawal charge of 25%.