From April 6, 2013, the availability of the age-related income tax personal allowance
will be restricted.
However, if an increase to the personal allowance
is to be announced, I suspect that this will not occur until next year's Budget, in order to afford the Chancellor the time to assess how the PS1bn cost will be funded.
So if grandparents wish to help with increased educational costs it may well be appropriate for them to gift the money directly to the grandchildren rather than their parents so that any income is assessable on the grandchildren and would therefore be tax free up to the annual Personal Allowance
The removal of the basic personal allowance
means that relief against income tax is removed and becomes subject to tax at 20 per cent or another 40p per pounds 2 of this income.
Eight out of 10 of people did not know that those aged over 65 had higher personal allowances
and 91% did not realise that there was a special band for people aged over 75, while nine out of 10 people did not realise that these allowances were set to rise in April.
IF your wife is disabled and unable to look after your child, have you claimed the additional personal allowance
K means you get no tax-free pay because your income exceeds your personal allowance
Salter said: "For the current tax year (2019/20), the personal allowance
of Au12,500 ($15,860) is available for such individuals to offset against UK sourced income which would otherwise be UK taxable -- e.g.
You might be eligible for this if: you're married, or in a civil partnership and are not in receipt of Married Couple's Allowance one of you earns less than the Personal Allowance
so is not liable to tax or liable to tax at the higher or additional rates.
His full personal allowance
for the year is PS12,500, so he has plenty of spare allowance to transfer PS1,250 to his wife.
Older employees who do not defer their state pension until they stop work, and who earn more than their tax-free personal allowance
, are paying tax on their whole pension.
You must be married or in a civil partnership and one of you must be a non-taxpayer or earning below the personal allowance