INDIVIDUALS

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Personal Allowances

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The standard personal allowance is £11,850 for 2018/19. Autumn 2018 Budget announced that the allowance will rise to £12,500 from 6 April 2019.

The transferrable marriage allowance applies from 6 April 2015 to couples (married or civil partners) where neither person pays tax at the 40% or 45% rates. The spouse who cannot use all their personal allowance against their own income may opt to transfer 10% of their personal allowance to their spouse or civil partner.

The personal allowance is tapered away for individuals who have income over £100,000, at the rate of £1 for every £2 of income above that threshold.