P282 CJJFAX 282 Sun 3 Mar 20:31/11 1/4 O MAIN PERSONAL ALLOWBNCES Year to 5 April 1996 People Under 65 Personal Allowance £3,525 Married Couple's Allowance * £1,720 People Aged 65-74 Personal Allowance £4,630 Married Couple's Allowance * £2,995 People Aged 75 and Over Personal Allowance £4,800 Married Couple's Allowance * £3,035 * Relief given at 15) Source: Ernst & Young (see page 281) Reliefs Car/Fuel Monjyfile AnnuitiesP282 CJEFAX 282 Sun 3 Mar 20:41/15 2/4 O MAIN PERSONAL ALLOWBNCES Year to 5 April 1997 People Under 65 Personal Allowance £3,765 Married Couple's Allowance * £1,790 People Aged 65-74 Personal Allowance £4,910 Married Couple's Allowance * £3,115 People Aged 75 and Over Personal Allowance £5,090 Married Couple's Allowance * £3,155 * Relief given at 15) Source: Ernst & Young (see page 281) Reliefs Car/Fuel Monjyfili AnnuitiesP282 CJEFAX 282 Sun 3 Mar 20:40/20 3/4 O THE MARRIED COUPLE'S ALLOWBNCE A man whose wife lives with him can claim this allowance. Whatever your rate of tax, the relief is given at 15) (reducing your tax bz up to £258 if you are undjt 65). A husband and wife can elect to transfer the whole of the allowance to the wife. You must tell the Inland Revenue you intend to do this before the tax year starts. A wife can claim one half of the allowance without her husband's consent. Source: Ernst & Young (see page 281) Reliefs Car/Fuel Monjyfile AnnuitiesP282 CJEFAX 282 Sun 3 Mar 20:37/05 4/4 O THE AGE ALLOWBNCE People aged 65 qualify for higher personal allowances so long as their "total income" does not exceed £14,600 in the year to 5 April 1996 (£15,200 in 1996/7). Total income includes all income (except tax-free income) less certain tax deductible payments. If your total income exceeds £14,600 then the age allowance is scaled down by £1 for every £2 of income until it reaches the amount of the basic pjrsonbl allowance. So if in 1995/6 you earn £16,810 and you are aged 65-74 you will only get the basic personal allowance (if you are 75+ the figure is £17,1u0). Source: Ernst & Young (see page 281) Reliefs Car/Fuel Monjyfile Annuities