Page 21 - Budget 2021
P. 21
Facts & Figures
MAIN INCOME TAX ALLOWANCES AND RELIEFS
2020/21 2021/22
£ £
Personal allowance – standard 12,500 12,570
Personal allowance reduced if total income exceeds ∞ 100,000 100,000
Transferable tax allowance (marriage allowance)§ 1,250 1,260
Married couple’s allowance* – minimum amount 3,510 3,530
– maximum amount 9,075 9,125
Maintenance to former spouse * 3,510 3,530
Married couple’s allowance reduced if total income exceeds ¶ 30,200 30,400
Employment termination lump sum limit 30,000 30,000
∞ For 2020/21 and 2021/22 the reduction is £1 for every £2 additional income over £100,000. As a result there is no
personal allowance if total income exceeds £125,140 in 2021/22 (or £125.000 in 2020/21).
§ Available to spouses and civil partners born after 5 April 1935, provided neither party pays tax at above basic rate.
* Relief at 10%. Available only if at least one of the couple was born before 6 April 1935.
¶ For 2020/21 and 2021/22 the reduction is £1 for every £2 additional income over the total income threshold. Only
the standard allowance is available if total income exceeds:
2020/21 2021/22
£ £
Taxpayer born before 6 April 1935 [married couple’s allowance] 41,330 41,590
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