Barnard Castle Phone: 01833 630400 Shotley Bridge Phone: 01207 507000

Tax Rates & Allowances

Individuals

Personal Allowances

The standard personal allowance will rise to £10,600 from 6 April 2015. 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:

  2013/14 (£) 2014/15 (£) 2015/16 (£)
Born after 5 April 1948 9,440 10,000 10,600
Born after 5 April 1938 before 4 April 1948 10,500 10,500 10,600
Born before 6 April 1938 10,660 10,660 10,660
Minimum married couples allowance* 3,040 3,140 3,220
Maximum married couples allowance* 7,915 8,165 8,335
Transferable portion of allowance N/A N/A 1,060
Blind person's allowance 2,160 2,230 2,290
Income limit for allowances for age related allowances 26,100 27,000 27,700
Income limit for standard allowances 100,000 100,000 100,000
Personal allowance removed completely at: 118,880 120,000 121,200

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Our Offices

  •  

    7 Newgate
    Barnard Castle
    County Durham
    DL12 8NQ

  • Shotley Bridge Office

     

    7 Front Street
    Shotley Bridge
    Consett
    County Durham
    DH8 0HH 

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