Allowances for Income Tax
For the most up-to-date information on income tax and the various allowances, please take a look at the HMRC site; http://www.hmrc.gov.uk/rates/taxcredits.htm. The information that follows is pending update...
As at April 2006, the figures are different in terms of your tax allowance depending on certain criteria.
If you are under 65, then the allowance is at £5,035. If you are older, but less than 75, then the allowance rises up to a level of £7,280.
If you are over 75, then you are allowed a tax free level that is slightly higher, at £7,420.
If you are registered blind, then there is an extra £1,660 added onto the tax allowance. And if you are married and over 65, then there is a tax rebate.
There are also a range of other deductions and rebates that abound, but these are the major ones.
It is recommended that if you believe some are or could be relevant to yourself that you speak to a financial expert in these matters at your local bank, who should be able to assist you.