Budget 2008

Personal Allowances - Budget 2008 - GT

Personal Allowances

  2008/2009 2007/2008
  £ £
Personal  
Age under 65 £5,435
£6,035
£5,225
Age 65-74 9,030 7,550
Age 75 and over 9,180 7,690
Married couple’s123  
Age less than 75 and born pre 6 April 1935 6,535 6,285
Age 75 and over 6, 365 6, 365
Age allowance income limit for full relief45 20,900 20,900
Blind person’s 6 1,730 1,730

1 Relief is restricted to 10%.
2 Part or the full amount of the allowance may be transferred to the spouse (wife for marriages pre 6 December 2005) or civil partner.
3 Applies only where at least one spouse or 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 £5,435 £6,035 (£5,225 2007/2008) is reached.
5 Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,540 (£2,440 2007/2008) is reached.
6 Any surplus can be transferred to the spouse or civil partner.

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