Income Tax Allowances

#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
http://www.hmrc.gov.uk/rates/it.htm

Regards
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.
 

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