Definitions for personal allowance
This page provides all possible meanings and translations of the word personal allowance
In the UK tax system, Personal Allowance is the level above which income tax is levied on an individual's annual income. A person who receives less than his/her personal allowance in taxable income in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level. Certain residents are entitled to a larger personal allowance than others. Such groups include the over 65s, blind people, and married couples where at least one person in the marriage was born before 6 April 1935.
Find a translation for the personal allowance definition in other languages:
Select another language:
Discuss these personal allowance definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"personal allowance." Definitions.net. STANDS4 LLC, 2015. Web. 3 Aug. 2015. <http://www.definitions.net/definition/personal allowance>.