personal allowance

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The personal allowance is a fixed amount that is set against a taxpayer's gross income in any one tax year, allowing her/ him to receive that much income free of tax.
Here are some ways you can make your money work harder: PERSONAL ALLOWANCE WHETHER you are working for a business or are self-employed, you can currently earn up to PS11,500 before having to pay tax.
ONE pensioner told the Sunday Mercury: "Although retired, I continue to pay income tax of nearly PS350 per month because the combination of my State pension and my occupational pension puts me above the HMRC Personal Allowance.
To be able to obtain the maximum benefit of this rate band, an individual saver's income would have to be PS15,600 (PS10,600 Personal Allowance plus PS5,000) or less.
Trefor says: "Pensioners were not going to benefit much from the personal allowance increasing as the age allowance for over 65s of PS10,500 has been frozen for the last couple of years and was due to increase in line with the general increase to PS10,600, this will now go up a further PS200 to PS10,800 next year and PS11,000 the following year.
Working families will gain from the further increase in the personal allowance and savers will benefit from a cut in the starting rate of tax on savings and increases in ISA limits.
But Shadow Chancellor Ed Balls said: "The problem with the increase in the personal allowance to take people out of tax is it only applies to people on middle and upper incomes because most lower income people don't pay tax.
This is despite the increase in the Personal Allowance from pounds 6,475 to pounds 7,475.
Awareness was particularly low among people on lower incomes, the group that the personal allowance benefits the most.
The issue came to the fore when the civil servants union PASYDY reacted to government intentions to cut tax-free personal allowances of ministry permanent secretaries, arguing that this would mean a lower pension and bonus.
CROSS-BORDER shopping in countries with significant passenger travel flows into the European Union (EU) should increase through more liberal personal allowances for duty-free or -paid purchases.
HM Revenue and Customs has announced the effects of changes to personal allowances, increased by means of compensation for the abolition of the 10p tax rate.

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