6th June 2012
Generally speaking, all UK resident individuals and British nationals are entitled to an ‘income tax personal allowance’. This refers to the amount of income that can be received each year ‘tax-free’. Effectively, the allowance is deducted from net income and saves tax at the highest tax rate.
The amount of personal allowance that can be claimed depends on age and the total income in the tax year...
To read more visit http://wwtaxclub.blogspot.co.uk/2012/06/tax-free-personal-allowance.html