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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|