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Budget: Over 65 personal allowance
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# 1
wakeupalarm
Old 23-03-2011, 6:41 PM
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Default Budget: Over 65 personal allowance

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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# 2
AirlieBird
Old 23-03-2011, 6:47 PM
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That won't be known until the September inflation figures are released.
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# 3
le loup
Old 23-03-2011, 8:10 PM
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Index linked, as always but .... now linked to CPI not RPI.
The man forgets that pensioners vote!
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# 4
thorsoak
Old 23-03-2011, 8:19 PM
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Quote:
Originally Posted by le loup View Post
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????
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# 5
Mikeyorks
Old 23-03-2011, 8:54 PM
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Quote:
Originally Posted by wakeupalarm View Post
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)

Quote:
Originally Posted by le loup
Index linked, as always but .... now linked to CPI not RPI.
The man forgets that pensioners vote!
Not according to Treasury / HMRC :

Quote:
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 !

Last edited by Mikeyorks; 23-03-2011 at 8:57 PM.
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# 6
AirlieBird
Old 23-03-2011, 9:00 PM
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Quote:
Originally Posted by le loup View Post
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.
Quote:
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.
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# 7
le loup
Old 23-03-2011, 10:39 PM
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I knew I should have read the Red Book and not relied on what he said to Parliament!
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# 8
le loup
Old 23-03-2011, 10:45 PM
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Then, of course, in a year or so they will change the CPI based items to RPI for Tax Simplification!
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