Age Allowance

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.