Budget: Over 65 personal allowance

wakeupalarm
wakeupalarm Posts: 1,102 Forumite
First Post Name Dropper First Anniversary
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?

Comments

  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    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 place
  • le_loup
    le_loup Posts: 4,047 Forumite
    Index linked, as always but .... now linked to CPI not RPI.
    The man forgets that pensioners vote!
  • thorsoak
    thorsoak Posts: 7,166 Forumite
    Name Dropper First Post First Anniversary
    le_loup wrote: »
    Index linked, as always but .... now linked to CPI not RPI.
    The man forgets that pensioners vote!


    ...and if NI is to be included in with Income Tax, does that mean that over 65s who are still taxpayers will recommence paying NI????
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    edited 23 March 2011 at 9:57PM
    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 index
    So 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 !
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    le_loup wrote: »
    Index linked, as always but .... now linked to CPI not RPI.
    The man forgets that pensioners vote!
    No, still RPI for the rest of this parliament.
    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.
    Oops... beaten to it.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • le_loup
    le_loup Posts: 4,047 Forumite
    I knew I should have read the Red Book and not relied on what he said to Parliament! :o
  • le_loup
    le_loup Posts: 4,047 Forumite
    Then, of course, in a year or so they will change the CPI based items to RPI for Tax Simplification!
This discussion has been closed.
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