Age related personal allowance - limit

Correct

Inside the PEPs and ISAs they are exempt from CGT.

You are separate people for income tax purposes, but not for some of Gordon Brown's tax credit wheezes.

Once your income exceeds the limit,currently £19,500, you lose the age allowance at the rate of £1 for every £2 extra income. That means your marginal tax rate effectively becomes 33% until the age allowance has gone, at £23,890, at which point it reverts to 22%.

Some will, some will not. The idea is fundamentally sound, however, especially if you choose shares with dividend yields above the average for the Market.

Yes

Dunno, you both have personal allowances and can allocated the married persons allowance as well.

No need to use bait, ask a question, get an answer; simple :-)

I was unaware of this personal allowance being reduced with income until saw it on Working Lunch yesterday. It had me spitting blood even though I'm a long way from being 65. Typical nasty action by MPs.

This should answer all your queries -

Daytona

He said he was a 'newly qualified' OAP, so he won't get the married couples' allowance unless he's a toy boy to a woman in her seventies (one of them needs to be born before April 1935 to get it).

As nothing compared to way the pension credits work, not to mention tax credits. They make an extra 11% tax look trivial.

In message of Sat, 1 Apr 2006, Daytona writes

The OP indicated that he has only just become an OAP therefore NO married person's allowance unless his wife was born before 6th April

DF

Fair enough - I'm not married so those rules pass me by.

Daytona

Why so? If your income is over the 24,000 mark you are no worse off than before this was introduced. If less then you are better off.

Many thanks for all the contributions, which have been most helpful

GPG