HM Treasury’s United Kingdom Budget 2005

brought to you courtesy of Grant Thornton


brought to you courtesy of Grant Thornton Personal Allowances

 
2005/2006
2004/2005
 
£
£
Personal  
– age under 65
4,895
4,745
– age 65-74
7,090
6,830
– age 75 and over
7,220
6,950
Married couple’s123  
– age less than 75 and born pre 6 April 1935
5,905
5,725
– age 75 and over
5,975
5,795
Age allowance income limit for full relief45
19,500
18,900
Blind person’s 6
1,610
1,560

1 Relief is restricted to 10%
2 Part or the full amount of the allowance may be transferred to the wife or, from 5 December 2005, civil partner
3 Applies only where at least one spouse or, from 5 December 2005, civil partner, was born pre 6 April 1935
4 Personal allowance for age 65 and over reduced by £1 for every £2 income in excess of limit until basic personal allowance of £4,895 (£4,745 2004/2005) is reached.
5 Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,280 (£2,210 2004/2005) is reached
6 Any surplus can be transferred to the spouse or, from 5 December 2005, civil partner

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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