Personal allowance (a) is £11,500 for 2017/18
Income limit for personal allowance (b) £100,000
Blind person’s allowance (c) £2,320
Married couple’s allowance (b) (c) £8,445
Marriage allowance (d) £1,150
Trading income allowance (e) (f) £1,000
Property income allowance (f) £1,000
- a) The personal allowance applies to all individuals.
- (b) The personal allowance and married couple’s allowance are reduced by £1 for
each £2 by which income exceeds £100,000, irrespective of age or date of birth.
- (c) Relief is limited to 10%, and extends to civil partnerships. At least one
spouse/partner must have been born before 6 April 1935. The allowance is reduced where income exceeds £28,000 (£27,700), subject to an absolute minimum of £3,260 (£3,220).
- (d) For those born after 5 April 1938, a basic rate or non taxpayer can transfer up to £1,150 (£1,100) of the personal allowance to a spouse or civil partner. Relief is given at 20%.
- (e) The trading income allowance will also apply to certain miscellaneous income from providing assets or services in the course of a trade.
- (f) Trading or property income (before expenses) within these allowances is exempt. Individuals with gross trading or property income above the allowance can choose between deducting £1,000 or actual allowable expenditure.
Source: PWC