Is your birthday after 5 April 1948?

If the answer is yes you will not qualify for the higher value personal allowances presently available to the over 65s and over 75s.

From 6 April 2013 Age Related Personal Allowances are being phased out. Here’s how the changes will work in practice:

1. If your birthday is after 5 April 1948 you will not qualify for Age Related allowances.

2. If your birthday is after 5 April 1938 but before 6 April 1948 you will continue to qualify for the Age Related Personal Allowance (65 to 74 age group) of £10,500 until this allowance equals, or is exceeded by, the Personal Allowance. For 2013-14 the basic Personal Allowance is due to rise to £9,205.

3. If your birthday is before 6 April 1938 you will continue to qualify for the Age Related Personal Allowance (75 and over) of £10,660 until this allowance equals, or is exceeded by, the Personal Allowance. As mentioned in 2 above for 2013-14 the basic Personal Allowance is due to rise to £9,205.

There is no doubt that eventually all taxpayers over the age of 65 will be disadvantaged by these changes.

Original post by Latest Taxation News and many thanks to them and their entry and picture of their BMX Bike