Income Tax Allowances

2013/14  2014/15

 

                                      
Personal Allowance N/A N/A
Personal Allowance for people born after 5 April 1948 £9,440 £10,000
Income Limit For Personal Allowances £100,000 £100,000
Personal Allowance for people aged 65-74 (1)(2) N/A N/A
Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) £10,500 £10,500
Personal Allowance for people aged 75 and over (1)(2) N/A N/A
Personal Allowance for people before 6 April 1938 (1)(2) £10,660 £10,660
Maximum amount of Married Couples Allowance (born before 6 April 1935) (2)(3) £7,915 £8,165
Income limit for age related allowances N/A N/A
Income limit for the allowances for those born before 6 April 1948 £26,100 £27,000
Minimum amount of Married Couples Allowance £3,040 £3,140
Blind Person's Allowance £2,160 £2,230

 

(1) The Personal Allowance reduces where the income is above £100,000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age or date of birth.

 

(2) These allowances reduce where the income is above the income limit by £1 for every £2 of income above the limit. This applies until the level of the personal allowance for those aged under 65, or from 2013-14, for those born after 5 April 1948, is reached. For married couples allowance this applies until it reaches the minimum amount

 

(3) Tax relief for the Married Couple's Allowance is given at the rate of 10 per cent.

The value of investments and pensions and the income they produce can fall as well as rise. You may get back less than you invested

Please visit our Auto Enrolment site for information on workplace pensions and corporate benefits



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