We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Income tax allowance age 65-74

I'm 65 ; my tax free income threshold is £10,500.
I'm finding it difficult to keep track of what will happen to that threshold from now on: will it
a] stay forever at £10,500
b] rise in line with CPI
c] only rise once the government has raised the age 64 and below threshold to £10,500; [I read that somewhere]
If so when will that be?
d] do something else entirely.

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    the current situation is

    -that the age allowance is now frozen presumably until the 'normal' tax allowance catches up

    -for people turning 65 from April 2013 it is abolished so they will have the standard tax allowance
  • BLB53
    BLB53 Posts: 1,583 Forumite
    The government are committed to raising the tax threshold to £10,000 by the end of this parliament in 2015.
    I imagine the allowances will merge by 2017 following which all tax allowances will rise broadly in line with inflation.
    We have a climate emergency and need to re-think investing strategies to avoid sectors that are part of the problem such as oil & gas and embrace climate-friendly options such as renewable energy.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604.1K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.