personal allowance


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Personal Allowance

1. In the United Kingdom, income that is not taxed because it falls below the level at which income is taxed. For example, if one has an income of 6,000 pounds and a personal allowance of 5,000 pounds, one only pays taxes on the final 1,000 pounds. See also: Personal exemption.

2. See: Alimony.

personal allowance

see INCOME TAX ALLOWANCE.
References in periodicals archive ?
When calculating income for personal allowance reductions, the income of each partner in a married couple or civil partnership is treated separately.
MARRIAGE ALLOWANCE MARRIED couples can benefit as this allowance lets you transfer PS1,150 of your personal allowance to your husband, wife or civil partner if they earn more than you.
Moving on to the Marriage Allowance - and a lot of people don't do this - married couples and civil partners can transfer PS1,100 of personal allowance from the lower earning partner to the higher earner, saving them up to PS220 tax.
The changes to the personal allowance and higher rate threshold mean a typical basic rate taxpayer will pay 905 less tax in April 2016 compared to 2010, and a typical higher rate taxpayer will pay 818 less.
The increase in personal allowance means pensioners have the same allowance as everyone else.
Given that both husband and wife each have their own Personal Allowance and rate bands, and as transfers of assets between them are free of all taxes, it is important for them to review the ownership of income producing assets to see if transfers can be made from one to the other to ensure that Personal Allowances are not wasted and to see if they can maximise the benefit of the nil-savings rate and Allowance or at least to ensure the basic rate tax band is utilised as far as possible whilst at the same time mitigating the extent of any higher rate tax liabilities on the transferring spouse.
Ombudsman Punjab, on the basis of inquiry report of Wazir Ahmad Qureshi, ordered of inclusion of Secretariat/Personal Allowance in pensionable emoluments of pensioners who had been given Personal Allowance from 1994 to 2001 as a part of their salaries.
Summary: Nick Clegg is urging George Osborne to introduce the Au10,000 personal allowance on income tax more quickly than planned.
The decision to include the personal allowance in the calculation of the bonus was made by this administration in 2008 -- two years after a similar decision was taken by the previous government regarding ministers and MPs.
In its Coalition Agreement, published earlier this week, the Government committed to a "longer term policy objective" of increasing the personal allowance to pounds 10,000.
To work out your taxable income, add up your incomes from all sources, then take away your personal allowance, any non-taxable income and any other allowances and reliefs.

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