As promised in the Conservative Party’s manifesto, the basic, higher and additional income tax rates will stay at 20%, 40% and 45% respectively during the current Parliament. In addition, the income tax personal allowance will increase to £11,000 in 2016/17 and £11,200 in 2017/18; the basic rate limit will increase to £32,000 in 2016/17 and £32,400 in 2017/18; and the higher rate threshold will increase to £43,000 in 2016/17 and £43,600 in 2017/18.