| Allowed at top rate of tax |
2008/09 |
2007/08 |
| Personal Allowance |
£6,035 |
£5,225 |
| Personal Allowance (65-74)* |
9,030 |
7,550 |
| Personal Allowance (75 and over)* |
9,180 |
7,690 |
| Blind Person's Allowance |
1,800 |
1,730 |
| |
| Allowed only at 10% |
|
|
| Married Couple's Allowance (Up to 74)+* |
6,535 |
6,285 |
| Married Couple's Allowance (75 and over)+* |
6,625 |
6,365 |
| Income Limit for age-related allowances |
21,800 |
20,900 |
| |
+ only available if born before 6th April 1935.
|
* Age allowances are reduced £1 for every £2 by which income exceeds the income limit, until the age allowance is reduced to the normal allowance. Personal allowance is reduced before married couple's allowance. MCA is reduced to a minimum of £2,540 (2007/08: £2,440).
|
| |
| Important annual limits |
2008/09 |
2007/08 |
| Individual Savings Account investment |
£7,200 |
£7,000 |
| Rent a room exemption |
4,250 |
4,250 |
| Enterprise Investment Scheme investment |
* 500,000 |
* 400,000 |
| Venture Capital Trust investment |
** 200,000 |
** 200,000 |
| |
* Relief at 20% ** Relief at 30%
|
