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Allowances

Personal Allowance

The amount of income you can earn each year without paying income tax.

Example

  1. 1

    For the 2024-25 tax year, the personal allowance is £12,570 for most people.

Related terms

  • Employment

    National Insurance

    A system of contributions paid by workers and employers to fund state benefits and the NHS.

  • Self assessment

    Self Assessment

    A system where individuals report their income and pay any tax owed directly to HMRC.

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