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Income Tax Allowances Table
|Income Tax Allowances||2013 – 2014||2014 – 2015||2015 – 2016|
|Personal Allowance for people born after 5 April 1948 (1)||£9,440||£10,000||£10,600|
|Income Limit for Personal Allowance||£100,000||£100,000||£100,000|
|Personal Allowance for people born between 6 April 1938 and 5 April 1948 (1) (2)||£10,500||£10,500||£10,600|
|Personal Allowance for people before 6 April 1938 (1) (2)||£10,660||£10,660||£10,660|
|Married Couple’s Allowance ( born before 6th April 1935 and aged 75 and over) (2) (3)||£7,915||£8,165||£8,355|
|Income Limit for the allowances for those born before 6 April 1948||£26, 100||£27,000||£27,700|
|Minimum amount of Married Couple’s Allowance||£3, 040||£3,140||£3, 220|
|Blind Person’s Allowance||£2, 160||£2,230||£2,290|
1. The Personal Allowance reduces where the income is above the £100,000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.
2. These allowances reduce where the income above the income limit by £1 for every £2 of income above the limit. The Personal Allowance for people aged 65 and over can be reduced below the basic Personal Allowance where the income is above £100,000.
3. Tax relief for the Married Couple’s Allowance is given at the rate of 10 per cent.
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The information given have been provided as a helpful reference point. The Tax Rates provide a guide only and your specific circumstances are best discussed directly with us.
No action should be taken without seeking the appropriate professional or legal advice. The authors accept no responsibility whatsoever for any loss occasioned by anyone acting on information within this APP.