2007-03-08 01:08:27 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
for people aged 65 -74 the tax free allowance is £7280 per year.
for earnings of £2150 per year above the tax free allowance are charged at 10%
earnings between £2151 and £ 33300 per year are charged at 22%
these are set to change on 6 april where the tax free allowance will increase to £7550 per year
the tax bands i dont yet know of but these are likely to increase as well
hope this helps
2007-03-10 06:44:48 · answer #1 · answered by babyonlyne 3 · 0⤊ 0⤋
Presumably you will be receiving a pension, you can earn £5035 per year without being taxed anything above this is taxed at 22%, however you can only receive one lot of tax allowances this will probably be calculated on your pension income with a tax code of 503L (rising to 522L in April) if you have any other source of income this will be taxed at basic rate (BR tax code) this means that you pay 22% tax on all earnings (other than your main income)
2007-03-08 14:19:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Robin is sort of right - except that your tax free allowance is applied to all you income, so if you have a pension or pensions, these have to be taken into account when looking at your total income and your tax free allowance.
2007-03-08 13:53:39 · answer #3 · answered by fengirl2 7 · 1⤊ 0⤋
Your personal allowance before paying income tax on earnings is £7,280.
However, if you earn more than £20,100 then your personal allowance will reduce by £1 for every £2 earnt more than £20,100, until the basic allowance of £5,035 is reached.
These allowances will probably be increased marginally at the next budget.
2007-03-08 09:14:18 · answer #4 · answered by Robin the Electrocuted 5 · 0⤊ 1⤋
dunno, but if i was you id be askin some fit chicks if they wanna celebrate your 69 with you! go for it!
2007-03-08 09:13:37 · answer #5 · answered by Anonymous · 0⤊ 2⤋