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Tax allowances

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Tax allowances
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.
    
The personal allowances for elderly people are reduced if their total income exceeds £18,900, and the amount of the reduction is £1 for every £2 of the excess. So someone aged 68 with total income of £19,100 would get a personal allowance of £6,830 less £200 = £6,630.
    
Other allowances are:
    
Married Couple's Allowance: only available to couples where one person is 65 or over.
Posted by  Privatebanking.com
 
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