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Levels of Personal Allowance


The amount of your Personal Allowance depends on:

·         your age

·         your total income in the tax year

Total income means everything you receive from all taxable sources. That means you need to include things like pensions and interest on your savings in a building society before the tax has been taken off.

Don't forget if you are married/in a civil partnership, a basic rate taxpayer and your partner does not earn enough to pay tax or earn at all, they can transfer 10% of their personal allwances to save you a further £250 in tax

There are three levels of Personal Allowance


Personal Allowance                                    2020-21 tax year
                           
Income limit

Basic                                                                 £12500                                             Basic rate £12501 to £50000                                    20%
     Higher rate £50001 to £150000                                 40%
      Additional rate over £150000                                   45%                                                                                 

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