income tax allowances

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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married couple’s allowance was discontinued for all couples in which the elder spouse was under 65 on that date; it has been replaced by tax credits for working families with children.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 £6965 (2009–10). There is also a registered blind person’s allowance of £1890.

Subjects: Financial Institutions and Services — Accounting.

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