19
March
2014

PERSONAL ALLOWANCES

PERSONAL ALLOWANCES
This is fixed for 2014/15 at £10,000, the much promised level included in the Coalition Agreement.
However the Budget on 19 March announced that there will be a further above inflation increase to £10,500 for 2015/16 in line with the allowance currently available to taxpayers aged 65 to 74.
Those aged 75 and over will continue to receive a personal allowance of £10,660. Note that if adjusted net income exceeds £100,000 the personal allowance is reduced by £1 for every £2 over £100,000 giving an effective rate of 60% on income between £100,000 and £120,000 for 2014/15.
Contact us for advice on planning to avoid this 60% rate.

Categories: BUDGET 2014, PERSONAL ALLOWANCES

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