Budget 2006

Personnal Allowances

1 Relief is restricted to 10%
2 Part or the full amount of the allowance may be transferred to the wife or, from 5 December 2005, civil partner
3 Applies only where at least one spouse or, from 5 December 2005, civil partner, was born pre 6 April 1935
4 Personal allowance for age 65 and over reduced by £1 for every £2 income in excess of limit until basic personal allowance of £4,895 (£4,745 2004/2005) is reached.
5 Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,280 (£2,210 2004/2005) is reached
6 Any surplus can be transferred to the spouse or, from 5 December 2005, civil partner

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.