Income Tax Allowances

Discussion in 'Finance, Property, Law' started by carabinier, Sep 13, 2007.

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  1. Hope this information may be of use to people over the age of 65 or those coming up to 65.
    I recently read an article in the Daily mail reference Income Tax Allowances.
    Personal allowance is £5,225 for everyone under the age of 65 who are paying income tax.
    At the age of 65 your allowance goes up to £7,550. The tax man does not automatically adjust your allowance ,you need to fill in the appropriate form.
    I pointed the said article out to a friend who’s 68 and still paying tax on his company pension ,on contacting his local tax office they raised his allowance and he’s received £1,100 back for the tax he’s overpaid for three years.
    So if your over 65 and still paying tax it could be worth your while contacting your local office , or like me coming up to it next year, keep it in mind.

    To find out more check this link

    P.S. Apparently the tax man can claim back taxes over the last 20years, you can only claim overpaid tax for the previous 6 years.
    Funny how that works.