personal allowance

The allowance to which every individual resident in the UK is entitled in calculating their taxable income for income tax The allowance depends on the age of the taxpayer (see age allowance). For 2005-06 the personal allowance for those under 65 is £4895, for those between 65 and 74 the allowance is £7090, and for those aged 75 and over it is £7220. See also income tax allowances

Big dictionary of business and management. 2014.

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  • personal allowance — noun An amount, determined by the government, which is deducted from income before arriving at the taxable amount • • • Main Entry: ↑personal * * * personal allowance UK US noun [countable] [singular personal allowance …   Useful english dictionary

  • personal allowance — index alimony Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • Personal allowance — UK residents receive the first portion of their income free from tax. This is known as their personal allowance. Earnings above the personal allowance are taxable according to how much is earned.The personal allowance for the tax year 2005 06 for …   Wikipedia

  • personal allowance — In the fiscal year 1998/99, this comes to £4,195. The first £4,195 of an individual s income is covered by the personal allowance and is not liable to income tax. Dresdner Kleinwort Wasserstein financial glossary * * * personal allowance personal …   Financial and business terms

  • personal allowance — The allowance to which every individual resident in the UK is entitled in calculating their taxable income for income tax. The allowance depends on the age of the taxpayer (see age allowance). For 2005–06 the personal allowance for those under 65 …   Accounting dictionary

  • personal allowance — UK / US noun [countable] Word forms personal allowance : singular personal allowance plural personal allowances British an amount of money that you can earn each year before you have to start paying tax on your income …   English dictionary

  • personal allowance — personal al lowance noun count BRITISH a PERSONAL EXEMPTION …   Usage of the words and phrases in modern English

  • personal allowance — personal al lowance n BrE the amount of money that you can earn each year before you must pay ↑income tax …   Dictionary of contemporary English

  • personal allowance — noun (C) BrE the amount of money that you are allowed to earn each year before you start to pay income tax; exemption AmE …   Longman dictionary of contemporary English

  • personal allowance — /ˌpɜ:s(ə)n(ə)l ə laυəns/ noun a part of a person’s income which is not taxed …   Dictionary of banking and finance

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