tax allowance
Permitted untaxed amount
A tax allowance is an amount of income or expenditure that reduces taxable income.
Governments grant allowances for various purposes—personal allowances reduce individual tax burdens, while business allowances permit deductions for equipment or expenses.
The new tax allowance for childcare helps working parents.
In British usage, tax allowance often refers specifically to the personal allowance—the amount you can earn before paying income tax.
- deductionConclusion from premises
- itemized deductionIndividually listed taxable expense
- exemptionRelease from requirement
- reliefEasing of distress
- tax breakReduction in owed amount
rebate · credit · child benefit · threshold · income · tax-free income · bracket · tax year · shelter · write-off · dependent · filing · tax return · refund · loophole · pension · charitable · mortgage
- taxationtax, income tax, sales tax, tax return, tax refund
- corporate taxcorporate tax, corporation tax, tax liability, corporate income, tax rates
- UK taxesVAT, income tax, council tax, inheritance tax, corporation tax
tax allowancetax penalty
Charge for tax noncompliance
tax liability · tax burden · tax obligation · tax assessment · tax bill
allowance, taxes, taxed, taxing, taxation, taxable, allow, allows, allowed