Budget 2012 – Annual Tax Rates and Allowances

Personal Allowances

  2012/2013 (£) 2011/2012 (£)
Personal1  
Age under 65 8,105 7,475
Age 65-74 10,500 9,940
Age 75 and over 10,660 10,090
Married couples23  
Age 75 and over 7, 705 7, 295
Age allowance income limit for full relief4 25,400 24,000
Blind person’s 5 2,100 1,980

1 Personal allowance reduced by £1 for every £2 of income over £100,000 until completely removed.
2 Relief is restricted to 10%.
3 Part or the full amount of the allowance may be transferred to the spouse (wife for marriages pre 5 December 2005) or civil partner.
4 Available where at least one of the parties was born pre 6 April 1935.
5 Personal allowance for age 65 and over reduced by £1 for every £2 income in excess of limit until basic personal allowance of £8,105 (£7,475 in 2011/2012) is reached. Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,960 (£2,800 2011/2012) is reached.
6 Any surplus can be transferred to the spouse or civil partner.

1 2 3 4 5 6 7 8 9 10 11 12 13

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>