Personal Allowance is the amount of tax-free income given to individuals in the UK. The standard amount for 2023/24 is £12,570 but can vary for certain people.
The Personal Allowance is a tax-free allowance given to individuals in the United Kingdom. It is the amount of their income that is exempt from Income Tax.
For the 2023/24 tax year, the standard Personal Allowance is £12,570. However, if an individual earns over £100,000, their personal allowance reduces by £1 for every £2 they earn over £100,000. Thus, an individual who earns over £125,140 gets no Personal Allowance.
Any changes to the Personal Allowance is announced in the Autumn Statement.
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