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Income Tax Allowances, Reliefs and Credits

 

2018/19
£

2017/18
£

Personal allowance (minimum)

11,850

11,500

Blind Person's Allowance

2,390

2,320

 

   

Rent-a-room tax free home income*
*restricted to £3,750 if letting jointly

7,500

7,500

Transferable Tax Allowance for Married couples & Civil partners

1,185

1,150

Available to spouses/civil partners born after 5 April 1935. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax at the basic rate to transfer this amount of their personal allowance to their spouse/civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% the transferred amount.

 

Married couples/Civil partnerships allowance (age 75+)

8,695

8,445

Married couples/Civil partnerships allowance (minimum)

3,360

3,260

Personal allowances progressively reduced £1 for £2 income above £100,000

 

 

 

Limits for other reliefs

 

 

Enterprise Investment Scheme (EIS)

30%

30%

Maximum Investment*

1,000,000

1,000,000

EIS capital gains re-investment

Unlimited

Unlimited

 

   

Seed Enterprise Investment Scheme (SEIS)

50%

50%

Maximum Investment

100,000

100,000

SEIS re-investment exemption

50%

50%

 

   

Venture Capital Trusts (VCT)

30%

30%

Maximum Investment

200,000

200,000

 

 

 

Social Investment Relief (SITR)

30%

30%

Maximum Investment

1,500,000

1,500,000

SITR capital gains re-investment

Unlimited

Unlimited

 

 

 

*Increased to 2,000,000 for investments in knowledge intensive businesses from 6 April 2018

 

 


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