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In his pre-budget speech the Chancellor announced that for 2006-07; all
Personal Allowances are to
increase in line with inflation. The basic Personal Allowance for people
under 65 years of age will increase
to £5035, with age related allowances for people aged 65-74 increasing
to £7280 and to £7420 for those
over 75. The income limit for age related allowances have also increased
by £600 to £20100.
The Married Age Allowance for those born before 6 April 1935 but aged
under 75 has increased by £160 to £6065, as has the over 75
year-olds allowance, increasing to £6135. The Married Couples' minimum
amount will go up to £2350. The Blind Person's Allowance will increase
by £50 to £1660.
Individuals will get notification of these increases via the Annual Code
issue in January and the new rates I
will be effective from 6 April 2006. The new tax bands for 2006-07 will
be announced in the budget.
If you feel you may have a problem with this issue and wish to discuss
it call Stuart Atkinson
on 01482 226791
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