personal allowance


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A taxpayer who pays under PAYE on her/his earnings or occupational pension, or who completes a Self-Assessment tax return, will normally receive the basic personal allowance automatically without needing to make a further claim.
Summer jobs You only have to pay income tax on earnings above the personal allowance, which is PS11,500 for the 2017/18 tax year.
With some careful planning in advance of retirement it's often possible for pension contributions to be split between a couple, meaning more of the combined personal allowance is available.
For every PS2 earned above PS100,000, PS1 of the Personal Allowance is taken away.
The introduction of the new personal savings allowance and the increase to the personal allowance will mean a pensioner with 18,500 in pension income, and 1,000 savings income (outside of any ISAs), will pay 1,105 less tax than if the income tax system of 2010-11 applied today.
FARMERS WINNERS There were no changes relating to farmers but they will benefit from the increased personal allowance and, if they are limited companies, from the reduction in corporate tax rates over the next four years.
But, despite this concession, my wife's income is still PS3,000 below the Personal Allowance cut-off.
This nil savings rate is however proportionately reduced where nonsavings income such as earnings or pension income exceeds the Personal Allowance.
Married couples The Marriage Allowance lets you transfer PS1,060 of your Personal Allowance to your husband, wife or civil partner.
Assuming your wife doesn't earn over the personal allowance, it's a goer.
But they keep PS1140 more of their pay because of the higher personal allowance.
LAHORE -- Ombudsman Punjab, Javed Mahmood, has ordered of inclusion of Secretariat/Personal Allowance in pensionable emoluments of those pensioners who had been given Personal Allowance from 1994 to 2001 as a part of their salaries.

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