Question 3
What are the current allowances?
| 2009/2010 | 2010/2011 | |
|---|---|---|
| Personal allowance (age under 65) Income Limit # | £6,475 | £6,475 |
| Personal allowance (age 65-74) | £9,490 | £9,490 |
| Personal allowance (age 75 and over) | £9,640 | £9,640 |
| Age income limit | £22,900 | £22,900 |
*These allowances reduce where the income is above the income limit by £1 for every £2 of income above the limit. They will never be less than the basic Personal allowance.
# Personal Allowances are restricted for those earning over £100,000 by £1 for every £2 of income over the limit. This restriction applies to all taxpayers regardless of age.
