The standard personal allowance is £11,500 for 2017/18. Autumn 2017 Budget announced that the allowance will rise to £11,850 from 6 April 2018.
The transferrable marriage allowance applies from 6 April 2015 to couples (married or civil partners) where neither person pays tax at the 40% or 45% rates. The spouse who cannot use all their personal allowance against their own income may opt to transfer 10% of their personal allowance to their spouse or civil partner.
The personal allowance is tapered away for individuals who have income over £100,000, at the rate of £1 for every £2 of income above that threshold.
The allowances for recent years are as follows:
|2016/17 (£)||2017/18 (£)||2018/19 (£)|
|Minimum married couples allowance*||3,220||3,260||3,360|
|Maximum married couples allowance*||8,335||8,445||8,695|
|Blind person’s allowance||2,290||2,320||2,390|
|Income limit for allowances for Married couple's allowance||27,700||28,000||28,900|
|Income limit for standard allowances||100,000||100,000||100,000|
|Personal allowance removed completely at:||122,000||123,000||123,700|
*2018/19 figures were announced at Autumn Budget 2017 and are subject to enactment.
Ross & Partners
The Barn House, 38 Meadow Way, Ruislip, HA4 8SY