Personal allowance for 65 to74 age


Personal allowance for 65 to74 age

Postby glenmar13 on Thu Apr 23, 2009 11:57 am

Could anyone tell me when I can get the personal allowance for this age group and are there any rules that I need to know. I am 68 and just received a coding notice saying that £6475 is the allowance who are between 65 & 74 when I thought it should be £9030.
Confused
Glen
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Re: Personal allowance for 65 to74 age

Postby robbob on Thu Apr 23, 2009 12:17 pm

Hello glen

The amount will depend on your income level as this allowance tapers off once your income exceeds 22,900 in the current tax year.
If your income is below 22,900 then you should receive the full allowance of 9490 (Ie 6475 pers allow + 3015 extra age allowance)
Note you should have this allowance every year from 65 if you have low income so if they have missed it out in error you can go back to the year you turned 65.

http://www.hmrc.gov.uk/incometax/personal-allow.htm
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Re: Personal allowance for 65 to74 age

Postby glenmar13 on Thu Apr 23, 2009 12:58 pm

Thanks for the information.
My notice says £6475is the personal allowance for people between 65 &74 with total income over £28930. My income will be about £24000. How do I work out my allowance. What is this £9490 for age 65 to 74. There is no mention of earnings above 28930 in any leaflets..
Glen
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Re: Personal allowance for 65 to74 age

Postby mattpedro97 on Thu Apr 23, 2009 2:23 pm

glenmar13 wrote:Thanks for the information.
My notice says £6475is the personal allowance for people between 65 &74 with total income over £28930. My income will be about £24000. How do I work out my allowance. What is this £9490 for age 65 to 74. There is no mention of earnings above 28930 in any leaflets..
Glen


Here is how calculated.

Personal Age Alloance £9490
Less ½ (24000-22900) £550
Allowance should be £8940.
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Re: Personal allowance for 65 to74 age

Postby glenmar13 on Thu Apr 23, 2009 6:58 pm

Thanks
The tax man has got it all wrong so I have sent the details to them.
Glen
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