age allowance

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The increased personal allowance available to taxpayers aged 65 and over. The age allowance for taxpayers aged 65–74 is £9490 and for those 75 and over it is £9640 (2009–10). There is an income limit of £22,900 for age allowance. The allowance is reduced at a rate of £1 off the allowance for every £2 by which the income exceeds the income limit, until the basic personal allowance is reached.

Subjects: Accounting.

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