There are a few categories of taxpayer that get extra allowances and currently over 65s and over 75s are two of those. However, this may not last long! Continue reading Do Over 75s Get An Extra Tax Allowance?
Tag Archives: personal tax allowances
Over 65 Allowance Reduces With Income
If you are over 65 and expecting to receive the higher rate of personal allowance due to your age, then you need to be aware that the increased personal allowance for those aged 65 and over (and indeed the even higher personal allowance for those aged 75 and over) can be reduced to the level of the basic personal allowance if your income is higher than a certain level. For the tax year 2011-12 this amount is £24,000 and for the year 2012-13 the amount is £25,400. Continue reading Over 65 Allowance Reduces With Income
What Is The Personal Allowance for 2012-13?
The personal allowance, i.e the amount of tax free income that you can earn, for the tax year 2012-13 is £8,105 for a person under the age of 65. This is subject to your earnings not exceeding £100,000 and has been increased from the previous year when the rate was £7,475. The aim is the have a personal allowance of £10,000 for everyone and this is being introduced gradually. Continue reading What Is The Personal Allowance for 2012-13?
UK Personal Allowance 2010
Each person is entitled to a personal allowance in each tax year to offset against their earnings. The personal allowance is an amount of money that they can earn before having to pay any tax.
The personal allowance varies from year to year and the increases are usually in line with the increase in the retail prices index. Continue reading UK Personal Allowance 2010