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Income tax — Personal allowances
| Allowances | 2024/25 | 2023/24 |
|---|---|---|
| Personal allowance 1, 2 | £12,570 | £12,570 |
| Married couple’s allowances | ||
| Transferrable allowance 3 | £1,260 | £1,260 |
| Age related allowance 4 | ||
| - maximum amount | £11,080 | £10,375 |
| - minimum amount | £4,280 | £4,010 |
- The personal allowance will remain frozen at £12,570 until April 2028.
- Irrespective of age or date of birth, this allowance is reduced by £1 for every £2 of income over £100,000, until completely withdrawn, leading to a marginal tax rate of 60% for UK resident taxpayers on income in the band from £100,000 to £125,140.
- A spouse or civil partner is entitled to transfer up to 10% of their personal allowance to their spouse or civil partner, provided neither partner is a higher or additional rate taxpayer, and neither was born before 6 April 1935.
- Available to those born before 6 April 1935. Tax relief for this allowance is restricted to 10% and the allowance is reduced by £1 for every £2 of income over £37,000 (2023/24 — £34,600) subject to the minimum allowance. The married couple’s allowance is reduced after the personal allowance.