Individuals

Personal Allowances

The standard personal allowance will rise to £11,500 from 6 April 2017. The age related allowances are gradually falling in line with age-related allowances given to taxpayers born since April 1948.

The transferrable allowance will apply 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 will be able to 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 have been announced as follows:

2015/16 (£) 2016/17 (£) 2017/18 (£)
Born after 5 April 1948 10,600 11,000 11,500
Born after 5 April 1938 before 4 April 1948 10,600 11,000 11,500
Born before 6 April 1938 10,660 11,000 11,500
Minimum married couples allowance* 3,220 3,220 3,260
Maximum married couples allowance* 8,335 8,335 8,445
Transferable portion of allowance 1,060 1,100 1,150
Blind person's allowance 2,290 2,290 2,320
Income limit for allowances for age related allowances 27,700 27,700 28,000
Income limit for standard allowances 100,000 100,000 100,000
Personal allowance removed completely at: 121,200 122,000 123,000

What our clients say about us...

  • "Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."

    ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT

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    Neil Price - Managing Director at Work Relief Charity Recruitment

  • "Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"

    Lee Westrap MBCS - Director - Bulldog IT Services

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Booth & Co  |   The Hermitage  |   15a Shenfield Road  |   Brentwood  |   Essex  |   CM15 8AG        Telephone: 01277 224666    |   Email: info@boothandco.co.uk