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Personal Allowances
Striker1884
Posts: 1 Newbie
I am 64 years of age and want to know what personal allowances I qualify for as I will be 65 during this new tax year. I notice it states on the HMRC website that the personal allowance up to 65 is £8105. For over 65's it's £10,500 but it also states “that if you become 65 or 75 during the year to 5 April 2013, you are entitled to the full allowance for that age group”.
Does that mean that I am entitled to claim the £10,500 allowance for the whole of the tax year or just after I reach age 65?
Is that correct or am I misinterpreting what’s written on the website.
Does that mean that I am entitled to claim the £10,500 allowance for the whole of the tax year or just after I reach age 65?
Is that correct or am I misinterpreting what’s written on the website.
0
Comments
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Striker1884 wrote: »Does that mean that I am entitled to claim the £10,500 allowance for the whole of the tax year or just after I reach age 65?
You can claim it for the whole of the tax year.0 -
whilst the allowance is 10,500 for the tax year in which you are 65, whether you receive the full allowance depends upon your income for the year
if your income is greater than 25,400 then the allowance starts to be whittled away towards the standard rate0 -
According to the info I've just received about my pension, I will be sent a form to complete around 6 weeks before I'm 65. The details I give regarding my income will decide whether I get the full extra age allowance or if there will be a deduction. It will be backdated to the start of the 2012-2013 tax year.0
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It's certainly possible to get the full age allowance near the start of the tax year - provided you feed HMRC the right information - and not have to wait until your birthday. You need to be proactive about this - it won't just happen.
One reason they will accept for acting sooner is that you intend to defer your state pension0 -
It's certainly possible to get the full age allowance near the start of the tax year - provided you feed HMRC the right information - and not have to wait until your birthday. You need to be proactive about this - it won't just happen.
One reason they will accept for acting sooner is that you intend to defer your state pension
It's best to fill in the form, P161 & return & they will send revised notice of coding to whoever is paying you. See here:
http://www.hmrc.gov.uk/forms/p161-man.pdfIt only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0
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