Budget: Over 65 personal allowance
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wakeupalarm
Posts: 1,102 Forumite
in Cutting tax
The personal allowance for under 65's is to increase to £8,105 in 2012-13. Does anyone know the rate for over 65's in 2012-13?
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That won't be known until the September inflation figures are released.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
Index linked, as always but .... now linked to CPI not RPI.
The man forgets that pensioners vote!0 -
wakeupalarm wrote: »Does anyone know the rate for over 65's in 2012-13?
Slightly premature ...... normally published in Nov / Dec as they're related to indexation. The 65 and under is being declared because it's a specific value .... and there will be an Order in the Commons exempting it from indexation (as was the case with the £1000 increase this last year)le_loup wrote:Index linked, as always but .... now linked to CPI not RPI.
The man forgets that pensioners vote!
Not according to Treasury / HMRC :Legislation will be introduced in Finance Bill 2012 to set the personal allowance for those aged under 65 at £8,105 and the basic rate limit at £34,370. All other income tax, personal allowances and limits that are subject to indexation will be increased in line with the retail prices indexSo you can still vote for him! (unless you worry about NI .... which does appear to be indexed via CPI)If you want to test the depth of the water .........don't use both feet !0 -
Index linked, as always but .... now linked to CPI not RPI.
The man forgets that pensioners vote!The employer NICs secondary threshold, the starting rate limit for savings income,
income tax age-related allowances, age-related income limits, married couples allowances and
blind persons allowance will be over-indexed compared to the CPI and continue to rise by the
equivalent of the RPI for the course of this Parliament. For forecast purposes this is assumed to
be until April 2016.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
I knew I should have read the Red Book and not relied on what he said to Parliament!0
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Then, of course, in a year or so they will change the CPI based items to RPI for Tax Simplification!0
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