Tax Allowance


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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 ?
Is he now going to apologise for not stopping higher rate taxpayers from benefiting from the personal tax allowance uplift?
Today s tax allowance is more good news for the North Sea, good news for jobs and good news for the broader economy.
There is speculation that in the Budget on March 21 the Chancellor will withdraw the higher rate tax allowance for pensions, or reduce the contribution limits.
The 12 I Tax Allowance Programme allowance is geared towards providing investment support in new manufacturing assets and training to employees involved in such projects
With the granny tax, it means not up-rating with inflation, the personal tax allowance for pensioners.
"People may also have noticed that fuel costs have dramatically increased over and above any rise in the tax allowance rate.
Q My wife and I got the marriage tax allowance. She's a nontaxpayer, but now has a tax demand because her private pension takes her above her reduced allowance.
He said: "With the personal tax allowance rising towards pounds 10,000, this is the right time to be aligning those allowances."
The furore last night threatened to overshadow the Chancellor's announcement that "millions" of people will be pounds 220 better off every year as a result of the increase in the personal tax allowance to pounds 9,205, changes to child benefit cuts so that only families with someone earning pounds 60,000-plus will see the payments disappear, and a lowering of corporation tax to 22% in 2014.
LANDLORDS are being reminded that energyefficient properties can benefit them financially through a new Government tax allowance. Carolyn Milburn, associate partner at George F White estate agents, said: "With energy costs rapidly spiralling, landlords should remember that their bank balances can benefit if they act now to make their properties more environmentally-friendly."
VAT rise pounds 13.5bn Bank levy pounds 2.4bn Spending cuts pounds 31.9bn Benefit cuts pounds 5.8bn Disability allowance cut pounds 1bn Housing benefit cut pounds 1.76bn Tax credit cut pounds 3.2bn Child benefit freeze pounds 0.98bn Pension/earning link -pounds 0.5bn Corp tax cut -pounds 2.7bn Inc tax allowance rise -pounds 3.9bn Total pounds 40.2bn
Our tax allowance is the same as people in paid employment!