Definitions for personal allowance

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  1. 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.

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"personal allowance." Definitions.net. STANDS4 LLC, 2014. Web. 18 Sep. 2014. <http://www.definitions.net/definition/personal allowance>.

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