personal allowance

(redirected from Personal Allowances)
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personal allowance

n (Tax) → quota non imponibile
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Byline: Joe Michna, manager of Citizens Advice Hartlepool, talks about Income Tax personal allowances
Married couples, for example, should make sure they claim the marriage allowance if eligible, and they should also plan to be able to use both personal allowances in retirement, which allows them to earn PS23,000 as a couple without paying tax".
A fair solution would be to allow couples to combine their Personal Allowances - making it PS21,200 at current levels - and tax them jointly only on any additional income above this figure.
Given that both husband and wife each have their own Personal Allowance and rate bands, and as transfers of assets between them are free of all taxes, it is important for them to review the ownership of income producing assets to see if transfers can be made from one to the other to ensure that Personal Allowances are not wasted and to see if they can maximise the benefit of the nil-savings rate and Allowance or at least to ensure the basic rate tax band is utilised as far as possible whilst at the same time mitigating the extent of any higher rate tax liabilities on the transferring spouse.
Trefor said:"The big concession for farmers is that they can average out their earnings over five years - this will help cash flow and ensure personal allowances are fully used in poor years.
To begin with he gets personal allowances, tax relief for his family and allowances for mortgage interest and insurance premiums.
We also continue to support hard working families through a further increase in personal allowances to Au10,500.
They will argue it's better than dragging more higher earners into the 40p band to pay for Coalition rises in personal allowances.
SIR - Many of your readers, particularly those over or approaching 65, will be disappointed to learn that Labour's amendment to restore the age-related personal allowances was defeated in the House of Commons on April 18.
He said other changes, such as raising personal allowances for most basicrate taxpayers, would offset the cuts.
Maximise personal allowances Couples should ensure that any savings and investments are held in such a way that they maximise both of their tax free Personal Allowances and their basic rate tax bands.
The start of the new tax year on April 5 will see a rise in the personal allowance to Au7,475 for people aged under 65 who earn less than Au100,000, while there are also increases in personal allowances for people over 65.

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