Budget 2007

Personal Allowances

¹ Relief is restricted to 10%.
² Part or the full amount of the allowance may be transferred to the spouse (wife for marriages pre 6 December 2005) or civil partner.
³ Applies only where at least one spouse or 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 £5,225 (£5,035 2006/2007) is reached.
⁵ Married couple’s allowance reduced by £1 for every £2 income in excess of limit until minimum allowance of £2,440 (£2,350 2006/2007) is reached.
⁶ Any surplus can be transferred to the spouse or 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.