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Income tax allowance age 65-74
SallyG
Posts: 850 Forumite
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.
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.
0
Comments
-
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 allowance0 -
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.0
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