As we come to the end of the first month in the new financial Tax year, we have all seen the effects of the new Tax changes. Based on a recent publication on gov.uk, Payroll World have put together a list of these changes, that took place from April 6th 2015. “Acting as a useful checklist, the following tax changes came into effect on Monday 6 April 2015: – Individuals over the age of 55 have flexible access to their defined contribution pension savings – The Income Tax Personal Allowance increases to £10,600 – The higher rate income tax threshold increases to £42,385 – The new Marriage Allowance comes into effect – The starting rate of savings income tax reduces from 10% to 0% for savings up to £5,000 – The cash ISA limit increases to £15,240 – Child Trust Funds can now be transferred into Junior ISAs – Spouses can now inherit their deceased partner’s ISAbenefits – If an individual dies before the age of 75, they can now pass on their unused defined contribution pension savings free of income tax.” – Payroll World.com Click Here to view the full list on Payrollworld.com