Cookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.
Individuals
Personal Allowances
The standard personal allowance has been frozen at £12,570 for all years from 2021/22 to 2027/28.
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.
The allowances for recent years are as follows:
Minimum married couples allowance, Marriage allowance, Income limit for allowances for Married couple’s allowance, Personal allowance removed completely at:
| 2020/21 (£) | 2021/22 (£)* | 2022/23 (£) | 2023/24 (£) | 2024/25 (£) | |
| Personal Allowances | £12,500 | £12,500 | £12,570 | £12,570 | £12,570 |
| Minimum married couples allowance | £3,510 | £3,530 | £3,640 | £4,010 | £4,280 |
| Maximum married couples allowance | £9,075 | £9,125 | £9,415 | £10,375 | £11,080 |
| Marriage allowance | £1,250 | £1,260 | £1,260 | £1,260 | £1,260 |
| Blind person's allowance | £2,500 | £2,520 | £2,600 | £2,870 | £3,070 |
| Income limit for allowances for Married couple’s allowance | £29,600 | £30,200 | £30,400 | £30,400 | £37,000 |
| Income limit for standard allowances | £100,000 | £100,000 | £100,000 | £100,000 | £100,000 |
| Personal allowance removed completely at: | £125,000 | £125,000 | £125,140 | £125,140 | £125,140 |
Book a Free, No Obligation Consultation
Take advantage of a free consultation to see how you can benefit from using Stanhope accountancy and advisory and find out the best way to deal with your tax, accounting and how to minimise your tax liabilities. Book now >
Get a Fixed Quote
We believe you should always be in control of your finances. For this reason we can offer many of our services on a fixed fee basis on agreed services >
Profitability Strategies
We can help you develop strategies to help your business grow without increasing costs specialized tax incentives to produce multiple benefits and help you increase your profit >
Your Business
Expert tax planning advice any size business tailored to you >
