The UK Personal Allowance is currently set at £10,000, and is due to rise to £10,500 from April 2015. The Government announced in the 2014 Budget that it would consult on whether the UK Personal Allowance should be amended so that it is only for the benefit of taxpayers resident in the UK.
On 17 July 2014 HM Treasury published a consultation to consider the issue.
The consultation observes that whilst most countries allow individuals the benefit of a certain level of income before tax is charged, in a significant and growing number of countries, this benefit is restricted so that it is principally available only to individuals who are resident in the country concerned for tax purposes.
Responses to the consultation are sought by 9 October 2014.
To access the consultation document click here.