Financial Glossary: Tax allowances


en			ru			jp

Tax allowances

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

Back

Privatebanking.com

Get the attention you always wanted and promote your corporate image and standing by benefiting from our state of the art interactive web presence.

Ascent Limited

Experience The Difference. Ascent Limited provides first class wealth management and family office services. Our private banking team, assembled from a group of highly experienced banking professionals, will provide financial advice tailored to your individual requirements and keep your portfolio in tune with the latest market developments and opportunities.

©	Copyright by PRIVATE BANKING.COM 2002- - All rights reserved.