tax-free allowance
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tax-free allowance
An amount up to which income or assets are not taxed or subject to charges. It reduces the sum on which a tax or fee is imposed.
Der steuerliche Grundfreibetrag für Ledige wird nächstes Jahr erhöht.
The basic tax-free allowance for single people will be increased next year.
The word is made up of 'frei' (free) and 'Betrag' (amount). So it literally refers to an amount of money that is 'frei' (free), meaning exempt from something — in this case from taxes or charges.
Für Kapitalerträge gibt es einen jährlichen Freibetrag.
There is an annual tax-free allowance for investment income.
Common adjectives are 'steuerlicher' (tax-related), 'jährlicher' (annual), or 'persönlicher' (personal) Freibetrag (tax-free allowance). Typical verbs are to 'nutzen' (use), 'ausschöpfen' (use up), or 'überschreiten' (exceed) a Freibetrag.
Sie hat ihren Freibetrag für dieses Jahr bereits ausgeschöpft.
She has already used up her tax-free allowance for this year.
This word belongs to the technical language of taxation and finance. You encounter it especially in official documents, when filing a tax return, or in news about financial policy.
Im Gesetz ist genau festgelegt, wie hoch der Freibetrag ist.
The law specifies exactly how high the tax-free allowance is.