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age allowance

    0.01 sec.
age allowance
n
(Economics, Accounting & Finance / Accounting & Book-keeping) an income tax allowance given to taxpayers aged 65 or over


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Also everyone's circumstances are different, tax allowances, age allowance and so forth need to be carefully considered and of course there are other options than buying an annuity that provide higher levels of initial income, but that is for another day.
They lose £1 in age allowance for every £2 of taxable income they have, with the net result that they are paying tax at 30 per cent for this part of their income, and that the age allowance is eaten away completely for those 65 -to-74-year-olds with taxable income over £27,790 (and for over-75s with income over £28,090).
The 25p age allowance set in line with a pounds 1 bag of coal is a joke and it is a downright insult.
 
 
 
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