I've only just noticed (while checking a client's P2) that, when the Personal Allowance was increased by £600, the Age Allowances and income limit were NOT changed. Consequently, the income at which you lose all age allowance has come down by £1110.
So if your income is, say, £20,000 and you are 64 or less, you are suddenly £120 better off.
But if your income is £20,000 and you are 65 or more, you gain nothing.
So no hand-outs for the lowest-paid tax-payers OR the older tax-payers.
Or am I missing something?
Tricia Callow
Replies (1)
Please login or register to join the discussion.
Darling detail this and it was on the HMRC What's NEw section that the age related limits has cone up considerable in the Budget and will not be change by the new Sept 7th codings. Regards Peter