Basic tax rate limit unchanged

The amount earned before basic rate taxpayers move into higher rates has been left unchanged by the Chancellor, but the personal allowance is to be raised.

As announced in the Autumn Statement 2012, the basic rate limit will drop to £31,865 by 2014/15 - from £32,010 in 2013/14 - with the higher rate threshold falling by 1% to £41,865 during the same financial year.