income tax allowances


income tax allowances
Allowances that may be deducted from a taxpayer's gross income before calculating the liability to income tax Every individual who is a UK resident is entitled to a personal allowance, the level of which will depend on his or her age (see age allowance). After 5 April 2000 the former married couple's allowance was discontinued for all couples in which the elder spouse was under 65 on that date; it has been replaced by tax credits for working families with children. If one spouse was born before 6 April 1935, the married couple's allowance is £5905 for 2005-06. This increases to £5975 if one spouse is aged 75 or over. There is also a registered blind person's allowance of £1610 (2005-06).

Big dictionary of business and management. 2014.

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  • income tax allowances — Allowances that may be deducted from a taxpayer s gross income before calculating the liability to income tax. Every individual who is a UK resident is entitled to a personal allowance, the level of which will depend on his or her age (see age… …   Accounting dictionary

  • income tax — IT A direct tax on an individual s income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at increasing rates as income increases ( progressive… …   Accounting dictionary

  • income tax — IT A direct tax on an individual s income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at increasing rates as income increases (progressive taxation) …   Big dictionary of business and management

  • income tax — n: a tax on the net income of an individual or a business compare excise, property tax Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • income tax personal allowance — England, Wales The amount of income a UK resident individual can receive before being charged to income tax. For details, see Tax data: income tax: Individuals: rates and allowances. The personal allowance is not available to individuals who are… …   Law dictionary

  • income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …   Universalium

  • income tax code — A code number issued by the Board of Inland Revenue that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is entitled, e.g. married couple s allowance. The code is… …   Accounting dictionary

  • income tax code — A code number issued by HM Revenue and Customs that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is entitled, e. g. age allowance. The code is used by the… …   Big dictionary of business and management

  • Negative income tax — Part of a series on Government Public finance …   Wikipedia

  • Dual income tax — The dual income tax system levies a proportional tax rate on all net income (capital, wage and pension income less deductions) combined with progressive tax rates on gross labour and pension income. This implies that labour income is taxed at… …   Wikipedia