The personal tax allowance for 2017-18 will be £11,500, for individuals with this tax allowance the code will show as 1150L. Although this is due to be the standard tax code for 2017-18 some individuals will be on a different code depending on their circumstances, have a look at our tax codes article for more information.
For the 2017-18 tax year individuals on the standard tax code will not start paying tax at 40% unless their earnings exceed £45,000, this is the greatest amount someone can earn before paying 40% tax since 2010-11, the last 7 years have seen a decrease in the higher rate threshold in both real and actual terms.
The below table shows the rate bandings from 2010-11 to those for 2017-18, the bandings for future years will be confirmed closer to the time.
| 2010-11 | 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 | Tax Rate | |
| Personal Allowance | £6,475 | £7,475 | £8,105 | £9,440 | £10,000 | £10,600 | £11,000 | £11,500 | 0% |
| Basic Rate Threshold | £37,400 | £35,000 | £34,370 | £32,010 | £31,865 | £31,785 | £32,000 | £33,500 | 20% |
| Higher Rate Threshold | £43,875 | £42,475 | £42,475 | £41,450 | £41,865 | £42,385 | £43,000 | £45,000 | 40% |
| Additional Rate Threshold | £150,000 | £150,000 | £150,000 | £150,000 | £150,000 | £150,000 | £150,000 | £150,000 | 45% |