P272 CEEFAX 2 272 Thu 25 Dec 23:22/51 1/3 MAIN PERSONAL ALLOWANCES Year to 5 April 1998 People Under 65 Personal Allowance £4,045 Married Couple's Allowance * £1,830 People Aged 65-74 Personal Allowance £5,220 Married Couple's Allowance * £3,185 People Aged 75 and Over Personal Allowance £5,400 Married Couple's Allowance * £3,225 * Relief given at 15% CPA RATES FOR MEN HAVE MOVED TO 262 Travel 430 News 101 Front page 100 Reliefs TaxIndjx UPI Main MenuP272 CEEFAX 2 272 Thu 25 Dec 23:17/20 2/3 THE MARRIED COUPLE'S ALLOWANCE 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 — £275 in 97/98 — if you are under 65. A husband and wife can elect to transfer the whole of the allowance to the wife. You must tell the Inland Rjvjnuj 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 271) CPA RATES FOR MEN HAVE MOVED TO 262 Reliefs TaxIndjx UPI Main MenuP272 CEEFAX 2 272 Thu 25 Dec 23:17/08 3/3 THE AGE ALLOWANCE People aged 65 qualify for higher allowances so long as "total income" does not exceed £15,200 in the year to 5 April 1997 (£15,600 in 1997/98). Total income includes all income (except tax-free income) less certain tax-deductible payments. If total income exceeds £15,200, then the age allowance is scaled down bz £1 for every £2 of income until it reaches the amount of the basic personal allowance. So if in 1996/97 you earn £17,490 and you are aged 65-74 you will only get the basic personal allowance (if you are 75+ the figure is £17,850). Source: Ernst & Young (see page 271) CPA RATES FOR MEN HAVE MOVED TO 262 Reliefs TaxIndjx UPI Main Menu