personal allowance

(redirected from Personal Allowances)
Also found in: Dictionary, Legal.

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

References in periodicals archive ?
A taxpayer who pays under PAYE on her/his earnings or occupational pension, or who completes a Self-Assessment tax return, will normally receive the basic personal allowance automatically without needing to make a further claim.
With some careful planning in advance of retirement it's often possible for pension contributions to be split between a couple, meaning more of the combined personal allowance is available.
But, despite this concession, my wife's income is still PS3,000 below the Personal Allowance cut-off.
This nil savings rate is however proportionately reduced where nonsavings income such as earnings or pension income exceeds the Personal Allowance.
The government is committed to increase this Personal Allowance to pounds 10,000 by the 2015 - 2016 tax year but as this will be accompanied by a corresponding reduction in the 40 per cent tax threshold it is claimed that this will increase the number of higher rate tax payers by a further 850,000.
The personal allowance increases by pounds 600 to pounds 6035, which equates to a tax saving of pounds 120 over the course of the tax year.
VALE of Glamorgan councillors claimed nearly pounds 600,000 in personal allowances and other expenses in the last financial year, according to figures just released.
A YES, invest in ISAs, make full use of personal allowances - and check your tax code.
Pay for accrued leave on separation, mustering out and personal allowances to high-ranking officers.
4 million people simply by misuse of tax- free personal allowances - mainly involving married couples where only one spouse is working.
Gallaher believes that these measures will partly offset the impact of the increase in personal allowances in the medium term.

Full browser ?