Age tax allowance for 65 yrs old

margaretclare

o_t_e wrote:

Hi Aunty Margaret - if you are both over 65 you are each entitled to receive £19500 before any reduction in your personal allowance and so you should both be entitled to the maximum age-related personal allowance - £7090 this year, £7280 next tax year, or if you are 75+ £7220 this year, £7420 next tax year.

Thanks, that's what I thought. Having our incomes totally separate is great, although we do benefit from having the married people's tax allowance - we have half each. We only get that because DH was born in December 1934.

When we get to 75 my stakeholder pension will mature (August 2010) so although I'll have more income from yet another annuity, the personal tax allowance will go up. Can't be bad.

DH's 4-weekly pension payment dropped into his account today (mine arrives Monday). And because he still had nearly £200 still in his current account from the last 4-weekly payment, he transferred £200 into his cash ISA. He only started that on 5th August last year and already it's £1600, just by putting spare amounts in at the end of each 4-weeks. I'm proud of him!

Aunty Margaret