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.
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.
