Question
I have been looking on the web to no avail in order to find out what change if any there will be in 13/14 to the "Income limit for age-related allowance which is at the moment £25,400 for 12/13 " can you assist please?Answer
The income limit for age-related income tax allowances will increase from £25,400 to £26,100 for 2013/14. I agree, it's currently not easy to find - I gave up on the HMRC website, finding the figure in a HM Treasury document here.
As a reminder, as part of the Government's plan to scrap the higher age-related income tax allowances, both will remain frozen at £10,500 and £10,660 respectively, presumably until the standard personal allowance catches up. The £10,500 allowance will be available to those born on or before 5 April 1948 and the £10,600 to those born on or before 5 April 1938.
I have been looking on the web to no avail in order to find out what change if any there will be in 13/14 to the "Income limit for age-related allowance which is at the moment £25,400 for 12/13 " can you assist please?Answer
The income limit for age-related income tax allowances will increase from £25,400 to £26,100 for 2013/14. I agree, it's currently not easy to find - I gave up on the HMRC website, finding the figure in a HM Treasury document here.
As a reminder, as part of the Government's plan to scrap the higher age-related income tax allowances, both will remain frozen at £10,500 and £10,660 respectively, presumably until the standard personal allowance catches up. The £10,500 allowance will be available to those born on or before 5 April 1948 and the £10,600 to those born on or before 5 April 1938.
Read this Q and A at http://www.candidmoney.com/askjustin/784/income-limit-for-age-allowance-2013-14
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