What’s the personal allowance?

 

Each tax year you get a personal allowance of tax-free income – the standard amount for 2018/2019 is £11,850. That’s any money you earn through work, property, investments etc, or from your pensions savings – completely free of tax!

Anything on top of that is usually taxed at 20% (or higher if it’s a lot more) so it’s worth planning your retirement income to make the most of your money.

Was this article helpful?

Please score it so we can improve and offer you more

LikeDislike
Loading...
Members