One of the mysteries of the English language finally explained.
A sum to be deducted from gross income in the calculation of taxable income.
- ‘Meanwhile, the government has been attempting to appease the protestors by extending its proposed tax allowance on fuel and is also preparing to help pensioners with their heating oil bills.’
- ‘Those who spend long periods working abroad should also take advantage of a special tax allowance for overseas income.’
- ‘It is little wonder the Conservatives have proposed, among alternative pension reforms, a catch-all rise in the tax allowance given to elderly people.’
- ‘The personal tax allowance which determines the income tax-paying threshold thus also provides a practical definition of such an official poverty line.’
- ‘There is no point getting a large tax allowance if you do not have the income to use it.’
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