Budget 2006
| |
| Allowed at top rate of tax |
2006/07 |
2005/06 |
| Personal Allowance |
£5,035 |
£4,895 |
| Personal Allowance (65-74)* |
7,280 |
7,090 |
| Personal Allowance (75 and over)* |
7,420 |
7,220 |
| Blind Person's Allowance |
1,660 |
1,610 |
| |
| Allowed only at 10% |
|
|
| Married Couple's Allowance (65-74)+* |
6,065 |
5,905 |
| Married Couple's Allowance (75 and over)+* |
6,135 |
5,975 |
| Income Limit for age-related allowances |
20,100 |
19,500 |
| |
+ 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 £2,350 (2005/06: £2,280).
|
| |
| Important annual limits |
2006/07 |
2005/06 |
| Individual Savings Account investment |
£7,000 |
£7,000 |
| Rent a room exemption |
4,250 |
4,250 |
| Enterprise Investment Scheme investment |
* 400,000 |
* 200,000 |
| Venture Capital Trust investment |
** 200,000 |
*** 200,000 |
| |
* Relief at 20% ** Relief at 30% *** Relief at 40%
|
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