Tax Allowance


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Tax Allowance

Income that is not taxed. For example, a government may not subject the first $10,000 of earnings to an income tax or the first $20,000 in investment income to a capital gains tax.
References in periodicals archive ?
A If you transfer the company scheme to a personal pension or SIPP, then you will be entitled to 25% tax-free cash, and any remainder over the annual personal tax allowance taken as either income or lump sum will be taxed at your marginal rate.
Plans to raise the personal tax allowance (PTA) to PS12,500 and the higher rate threshold to PS50,000 will deliver a cash boost of up to PS765 per person by the end of this parliament.
For current shipbuilding and ship repair firms, they can now enjoy investment tax allowance of 60% on the additional qualifying capital expenditure incurred within 5 years.
The Transferable Tax Allowance will, on making a claim to HMRC, enable spouses and civil partners to transfer PS1,060 of their personal allowance to the other partner, giving rise to a tax saving of up to PS212 where one person does not use all of their personal allowance.
Expat couples could be up to GBP4,000 a year worse off under plans to remove the personal tax allowance for non-residents of the UK, the Telegraph reported on Tuesday.
Do not overlook your annual Capital Gains Tax allowance.
Other measures included in the bill are designed to assist hardworking families with the cost of living, including an increase in the personal tax allowance to GBP10,000 for 2014/2015; and a new transferable tax allowance for married couples and civil partners.
5bn of cuts, but this week they can find half a billion pounds for a marriage tax allowance to promote their fantasy 50s family, that''s a married couple with a breadwinner and a homemaker.
Cardiff North's Conservative MP Jonathan Evans, however, said the rise in the personal tax allowance to PS10,000 from Saturday would have a positive impact on "infinitely" more Cardiff residents than the benefits shake-up.
We have also made very good progress in areas such as raising the income tax allowance, we have got the biggest increase in the income tax allowance in history this April which will help many people on low and middle incomes.
When asked about the tax allowance, Clarke said: "We never committed ourselves to married couples' tax by the end of the parliament".