We have 3 tip(s) under the heading GrowingOld.
Age Related Allowances - The amount of personal allowance you are entitled to depends on your date of birth and your income. Allowances are reduced as your income exceeds certain limits.
The higher age related allowances have been frozen and will eventually be phased out with just one single personal allowance for all taxpayers
Married Couples Allowance - If you are married or in a civil partnership, and you or your spouse / civil partner were born on or before 5th April 1935, the married couple`s allowance is still available. The amount will depend upon the income level of the highest earner.
State Retirement Pension - If you start to receive a state retirement pension, it is important to remember that this is taxable income. If you are liable to tax your tax code needs to be updated as soon as you start to receive the state pension. The tax office should send you a form about your retirement, which you should send back as quickly as possible as any delay could result in you paying an incorrect amount of tax.
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