Budget 2004

Grant Thornton


Personal Taxation

Grant Thornton

Personal Allowances

 
2004/2005
2003/2004
 
£
£
Personal
– age under 65
4,745
4,615
– age 65-74
6,830
6,610
– age 75 and over
6,950
6,720
Married couple’s*†‡    
– age less than 75 and born pre 6 April 1935
5,725
5,565
– age 75 and over
5,795
5,635
Age allowance income limit for full relief§¶
18,900
18,300
Blind person’s
1,560
1,510

* Relief is restricted to 10%
Part or the full amount of the allowance may be transferred to the wife
Applies only where at least one spouse was born pre 6 April 1935
§ Personal allowance for age 65 and over reduced by £1 for every £2 income in excess of limit until basic personal allowance of £4,745 (£4,615 2003/2004) is reached.
Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,210 (£2,150 2003/2004) is reached

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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