Glossary

Personal Allowance

The UK's tax-free income threshold — £12,570 for most taxpayers in 2026/27, tapering above £100,000.

Every UK taxpayer gets a Personal Allowance before Basic, Higher, or Additional rate tax applies. Above £100,000 of income, the allowance tapers by £1 for every £2 earned, disappearing entirely by £125,140 — creating an effective marginal rate above 60% in that band.

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