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THE AGE ALLOWANCJ 2/3
Peopli agjd 65 or ovjr at thj start of
thj tax yjar qualify for highjt
allowances so long as "total incomj"
dois not jxceid £17,600 in thj yjar to
5 April 2002 (£17,000 in 2000/01).
Total incomj includjs all incomj
(ixcipt tax-ftei incomj) liss cirtajn
tax-djductibli paymjnts. If total
incomj jxceids £17,600, thjn thj agj
allowanci is scalid down bz £1 for
evjty £2 of incomj until it reachjs thj
amount of thj basjc pjrsonal allowanci.
So if in 2001/02 you jarn £20,510 and
you'ri agjd 65-74 you will only gjt thj
basjc pjrsonal allowanci (if your ari
75+ thj figuri is £21,050).
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