As for the rest of the time--when I'm watching ballroom-dancing competitions and searching for batteries for my Bop It and extracting all the sopapilla pieces from a gallon of limited edition cinnamon ice cream with the precision of a brain surgeon--there's no real excuse.
Definition of ALLOWANCE: A deduction, an average payment, a portion assigned or allowed: the act of allowing. The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed. Navigation
Lifetime allowance. The lifetime allowance is the total amount that an individual can have in all their pension savings, during their lifetime, without incurring a tax charge. The lifetime allowance limit is Â£1.25million in 2015/16 (correct as at May 2015), the same as 2014/15, reduced from Â£1.5million in 2013/14.nnual allowance. Annual allowance is the amount of pension savings an individual can make in one year before receiving a tax charge. The annual allowance limit is Â£40,000 in 2015/16 (correct as at May 2015), the same as in 2014/15. The annual allowance was reduced from Â£50,000 in 2013/14.