personal allowance

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The allowance to which every individual resident in the UK is entitled in calculating their taxable income for income tax. The allowance depends on the age of the taxpayer. For 2008–09 the personal allowance for those under 65 is £5435, for those between 65 and 74 the allowance is £9030, and for those aged 75 and over it is £9180. See also income-tax allowances.

Subjects: Law — Financial Institutions and Services.

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