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Tax Question

furlong86

furlong86 Posts: 24 Forumite

12 November 2012 at 10:42AM in Employment, jobseeking & training

Hi, Im sorry if this seems like a stupid question.

Does the tax free allowance reset every tax year?

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Comments

Any Posts: 7,959 Forumite

12 November 2012 at 10:50AM

You get new allowance every tax year yes...

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antonic Posts: 1,978 Forumite

12 November 2012 at 12:12PM

This year ( 6th April 2012 till 5th April 2013) its £8105.

Next year ( 6th April 2013 till 5th April 2014) it will be £9105.

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anamenottaken Posts: 4,198 Forumite

12 November 2012 at 7:18PM

furlong86 wrote: »

Hi, Im sorry if this seems like a stupid question.

Does the tax free allowance reset every tax year?

Yes.

Use it or lose it.

You can't carry forward unused allowance from one year to the next.

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