What it means
A proper London brush-off that means forget it, dead that, or stop talking about it. You drop allow it when someone's suggesting a mission that's long, keeps pushing their luck, or starts moving too beg. It can sound jokey or proper sharp depending on how you say it, but either way it's a neat little nah with weight.
Usage examples
"He wanted us to queue two hours in the rain for some pop-up burger place and I just said allow it bruv, there's a chippy round the corner."
"He wanted us to walk forty minutes in the rain to save the bus fare, allow it, I would rather pay the two quid."
"Nah allow it, I am not queuing two hours for a burger, let us just go to the chicken shop instead."
"Man said let's do three buses and a night tube just to link one girl, allow it man, I'm going home."
"Allow it, you're not borrowing my creps after what you did to the last pair."