Personal allowance - Tax allowances are concessions by the Inland Revenue which can be used to reduce a person"s Taxable Income. The main allowance for UK taxpayers is the "personal allowance"; which is an amount of income that is tax free. In the tax year 2003-2004 the personal allowances are:Under 65: £4,61565-74: £6,61075+: £6,720The personal allowances for elderly people are reduced if their total income exceeds £18,300, and the amount of the reduction if £1 for every £2 of the excess. So someone aged 68 with Total Income of £18,700 would get a personal allowance of £6,610 less £200 = £6,410.Other allowances are:Married Couple"s Allowance: only available to couples where one person is 65 or overBlind Person"s Allowance: £1,510
Personal allowance : tax allowances are concessions by the inland revenue which can be used to reduce a person"s taxable income. the main allowance for uk taxpayers is the "personal allowance"; which is an amount of income that is tax free. in the tax year 2003-2004 the personal allowances are:under 65: £4,61565-74: £6,61075+: £6,720the personal allowances for elderly people are reduced if their total income exceeds £18,300, and the amount of the reduction if £1 for every £2 of the excess. so someone aged 68 with total income of £18,700 would get a personal allowance of £6,610 less £200 = £6,410.other allowances are:married couple"s allowance: only available to couples where one person is 65 or overblind person"s allowance: £1,510
Personal allowance