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Shehryar Wahid

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  • October 2, 2013 at 6:44 am #141868
    mysteryShehryar Wahid
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    When a person is aged 65-74 his personal allowance would be 10,500 and when a person is 75and over his personal allowance is 10660.
    Note:**Income limit for age allowances is 25,400
    after the income limit is exceeded we will do reduction working if answer gives less than 8,105 personal allowance we will take 8,105 as general personal allowance till the income limit of 100,000 after that limit reduction working would be done on excess income until personal allowance reaches 0.
    Reduction working is done as**: (Income-limit of the income)/2= the amount which arises after this formula is lessened from personal allowance. This is how we get the new personal allowance
    Note**:Personal allowance can’t be negative..

    I have placed all facts and figures this ensures that you are right it is some kind of a mistake personal allowance can’t be below than 8105 under the income limit of 100,000.

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