Income Tax allowances, Rates and Bands

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance.

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance.

Income Tax Personal Allowances

Personal Allowance 2015 – 2016 Tax Year
Personal Allowance £8,105
Age 65 to 74 – Personal Allowance £10,500
Age 75 and over – Personal Allowance £10,660

If you are born before 1948

If your income is between £26,100 and £100,000 in the 2013 to 2014 tax year, your Personal Allowance goes down by £1 for every £2 of income above £26,100, to a minimum Personal Allowance of £9,440.
You may also be able to claim Married Couple’s Allowance.

Income over £100,000

For every £2 your income is above £100,000, your Personal Allowance goes down by £1. If your income is high enough, this can reduce your Personal Allowance to zero.

Blind Person’s Allowance

You may be able to claim Blind Person’s Allowance.

Tax Year Blind Person’s Allowance
2015 to 2016 £2,290
2014 to 2015 £2,230

Free Initial Consultation

For further information, or to arrange a free initial consultation, please telephone 020 8392 9375 or Email us at info@lanop.co.uk

Professional Consultation Over a Coffee

We are determined to help our clients maximise their financial growth. We are happy to provide no obligation advice, even buy a nice Coffee.

18th August 2015