2006-08-15 00:02:58 · 9 answers · asked by castonelaine 1 in Business & Finance ➔ Taxes ➔ United Kingdom
The tax will stay the same, as age is not relevant (except for the slightly larger allowances at 65 and 75).
However, you will stop paying National Insurance contributions when you reach retirement.
2006-08-17 00:02:10 · answer #1 · answered by nige_but_dim 4 · 0⤊ 0⤋
Your tax allowance will be the same as a 21 year old until you reach 65 when you are entitled to a slightly large allowance. That will increase again when you reach 75.
However, if you earn more than about £20k the increased allowance at 65 or 75 begins to be scaled back the more you earn until eventually it ends up the same as that of any other person!
2006-08-16 04:11:46 · answer #2 · answered by Flick W 2 · 1⤊ 0⤋
It depends on how much you are earning. Tax is calculated on your income for a specific year. If you are working at 60 it will be calculated on your earnings the same as it is today, and will be based on whatever the tax percentages and allowances are at that time.
You will also have to pay tax at the same rates on your pension after you retire.
2006-08-15 07:08:47 · answer #3 · answered by Copper 4 · 0⤊ 0⤋
Same as before 60.
It goes down a bit (but not much) at 65.
2006-08-15 07:14:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It does not depend on age.
It will still depend on how much you are earning.
If in doubt, telephone your Inland Revenue office.
2006-08-16 03:00:17 · answer #5 · answered by monkeyface 7 · 0⤊ 0⤋
Providing you dont take your pension your tax remains the same
2006-08-15 07:09:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
2p in the pound as long as you fill out form DD192L.
2006-08-15 07:17:41 · answer #7 · answered by Anonymous · 0⤊ 1⤋
God knows with this lot currently in charge.
2006-08-15 07:09:28 · answer #8 · answered by Anonymous · 0⤊ 1⤋
same as every body else.
2006-08-19 03:42:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋