MSE News: Budget 2012 - £3.3 billion tax blow for pensioners

Eco_Miser

Sorry for the delay in replying.

Someone getting £10,205 (£1000 taxable) will pay £200. Someone getting £9,705 (£500 taxable) will pay £100. Other amounts in the range will produce tax in the range £0 - £259.

steamo

SandraScarlett wrote: »

Yes, my neighbour asked me that this afternoon. Apparently, he loses £1 of allowance for every £2 he receives over £24,000 (his private pension and State Pension) and wondered if that has been scrapped.

And before anyone thinks he's "lucky", he worked from 14 to 65 in the same engineering job, and paid into his private pension for yonks.

xx

I'd dearly like to know the answer to this question!
(Re Age related allowance clawback at £1 for every £2)

molley

steamo wrote: »

I'd dearly like to know the answer to this question!
(Re Age related allowance clawback at £1 for every £2)

If you look here you'll probably find the answer ..scroll down to where the header is Personal Allowance Rates 2012-2013

http://www.hmrc.gov.uk/pensioners/paying-retire.htm

Consumerist

steamo wrote: »

I'd dearly like to know the answer to this question! (Re Age related allowance clawback at £1 for every £2)

It seems likely that the clawback will be allowed to wither on the vine. i.e. will remain in force until the basic personal allowance has risen to £10,500 when it will become redundant.