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Individuals
Personal Allowances
The standard personal allowance will rise to £11,500 from 6 April 2017. The age related allowances are gradually falling in line with age-related allowances given to taxpayers born since April 1948.
The transferrable allowance will apply from 6 April 2015 to couples (married or civil partners) where neither person pays tax at the 40% or 45% rates. The spouse who cannot use all their personal allowance against their own income will be able to opt to transfer 10% of their personal allowance to their spouse or civil partner.
The personal allowance is tapered away for individuals who have income over £100,000, at the rate of £1 for every £2 of income above that threshold.
The allowances have been announced as follows:
2015/16 (£) | 2016/17 (£) | 2017/18 (£) | |
Born after 5 April 1948 | 10,600 | 11,000 | 11,500 |
Born after 5 April 1938 before 4 April 1948 | 10,600 | 11,000 | 11,500 |
Born before 6 April 1938 | 10,660 | 11,000 | 11,500 |
Minimum married couples allowance* | 3,220 | 3,220 | 3,260 |
Maximum married couples allowance* | 8,335 | 8,335 | 8,445 |
Transferable portion of allowance | 1,060 | 1,100 | 1,150 |
Blind person's allowance | 2,290 | 2,290 | 2,320 |
Income limit for allowances for age related allowances | 27,700 | 27,700 | 28,000 |
Income limit for standard allowances | 100,000 | 100,000 | 100,000 |
Personal allowance removed completely at: | 121,200 | 122,000 | 123,000 |