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Budget 2012

Stephen Barratt reflects on what the budget will mean for private clients

30 March 2012

Personal allowances

A great deal of the media coverage has focused on the impact on pensioners of the changes to the higher personal allowances for those aged over 65. Taxpayers aged between 65 and 74 and those aged over 75 will be entitled to a higher personal tax allowance of £10,500 and £10,660 respectively for the year ending 5 April 2013. This is however reduced by £1 for every £2 that the individual’s total income exceeds £25,400 until it is at the level of the standard personal income tax allowance.

With effect from 6 April 2013, higher personal tax allowances will be frozen, the consequence being that at some point in the future all taxpayers irrespective of age will be entitled to the same level of income tax exemption.

This is portrayed as a simplification, which indeed it is for those taxpayers with ...

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