Tax Allowance

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Related to Tax Allowances: Income Tax Rates

Tax Allowance

Income that is not taxed. For example, a government may not subject the first $10,000 of earnings to an income tax or the first $20,000 in investment income to a capital gains tax.
References in periodicals archive ?
Did you know that your household could be PS250 a year better off by claiming the Marriage and Married Couple's Tax Allowance You don't usually pay Income Tax on all of your taxable income.
If you have investments that have risen in value, such as Open Ended Investment Companies that aren't in a wrapper such as an ISA or an investment bond, you could consider disposing of them before the end of the tax year to use up part or all of your PS11,300 Capital Gains Tax allowance - if you haven't already used it.
The key is to plan to make use of the tax allowances and exemptions available to you each year, because if you don't use them, you lose them.
Do not overlook your annual Capital Gains Tax allowance. The amount for the current year is PS10,900 and both husband and wife have the allowance - so there is scope for transferring assets between you in order to reduce your tax bill.
The personal tax allowance is the amount an individual can earn without having to pay any tax.
This means it is still important to look after and plan your finances and ensure that you make use of your tax allowances and incentives.
LIB Dem Danny Alexander yesterday backed his Tory boss George Osborne - and the move to hit pensioners' tax allowances as "fair".
"Whilst the increase in personal tax allowances will benefit stable staff, the extra pounds 4 per week does not match the reduced value of their earnings over the past few years.
Pensioners lose some tax allowances, but these are slightly offset by a rise in the basic pension.
QI am looking ahead and starting to plan for my retirement and so I want to make sure that all my money and tax issues - including my pension and tax allowances - are in order.
These include extending the 'time to pay' scheme, first year tax allowances for plant and machinery and R&D relief."