Thousands of UK nationals who are living overseas and are regarded as non-resident in the UK for the whole of a UK tax year could lose their entitlement to the UK
personal allowance in the event of a hard Brexit as they would no longer be an EU / EEA national, said an industry expert.
His full
personal allowance for the year is PS12,500, so he has plenty of spare allowance to transfer PS1,250 to his wife.
How are couples treated for the purposes of the
personal allowance? A.
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.
"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.
Trefor says:"The increase in
personal allowance to PS10,600 will help increase net pay.
But Shadow Chancellor Ed Balls said: "The problem with the increase in the
personal allowance to take people out of tax is it only applies to people on middle and upper incomes because most lower income people don't pay tax.
Awareness was particularly low among people on lower incomes, the group that the
personal allowance benefits the most.
CROSS-BORDER shopping in countries with significant passenger travel flows into the European Union (EU) should increase through more liberal
personal allowances for duty-free or -paid purchases.
HM Revenue and Customs has announced the effects of changes to
personal allowances, increased by means of compensation for the abolition of the 10p tax rate.
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.
