The increase in the personal tax allowance to £12,500 and the higher rate threshold to £50,000 in 2019-20 was one of the prominent headlines from Monday’s budget, according to Adam Kay, tax partner at Saffery Champness. 

At a seminar held on 30 October 2018 he explained to the audience that this will represent a large tax cut for higher rate tax payers, despite the higher threshold resulting in larger national insurance contributions.

James Hender head of Saffery Champness’ private wealth group suggested that “32 million people will be delighted” by this news, but warned that “...