With a 0.5 percent increase, there is an important figure to bear in mind. 

The Personal Allowance sum should rise to £12,570 and thus this will be the new figure to consider when thinking about Income Tax.  

Under the Personal Allowance figure, the tax rate will stand at zero percent, however, for higher amounts there are tax rates worth considering which are in place at present. 

For basic rate taxpayers, taxable income stands between £12,501 and £50,000, and will be taxed at 20 percent.