The rise in the personal tax allowance announced by George Osborne does not apply to those born before April 1938. They qualify for age allowance, which is £10,500 or £10,660 depending on your age, and this allowance has been permanently frozen. However, he did announce a modest increase in the ‘income limit’ for age allowance from £25,400 to £26,100 from April 2013.
If your income is not far above the income limit, you can usually re-arrange savings and investments to avoid losing the extra allowance. Contact us for information and advice.
BRB Wealth Management provides fee based, comprehensive financial planning advice to individuals seeking to take control of their financial future and achieve their personal and financial goals.