What is the income threshold for the personal allowance for individuals under 75 for the 2023 tax year?

For the tax year 2023, the income threshold for the personal allowance for individuals under 75 is £12,570. This means that individuals can earn up to this amount without being subject to income tax. The personal allowance is a critical component in calculating taxable income, as it reduces the amount of income that is subject to tax.

This figure is standard for most taxpayers under 75, ensuring that a basic level of income is tax-free, which supports individuals in managing their finances. It's also important to note that the personal allowance begins to decrease if an individual's income exceeds £100,000, affecting higher earners disproportionately.

The other figures provided in the options do not reflect the personal allowance correctly for the year in question, thus highlighting the importance of being aware of the current tax rates and allowances when preparing for assessments related to taxation.