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
But, despite this concession, my wife's income is still PS3,000 below the Personal Allowance
This nil savings rate is however proportionately reduced where nonsavings income such as earnings or pension income exceeds the Personal Allowance
Trefor says:"The increase in personal allowance
to PS10,600 will help increase net pay.
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.