Previously a dividend of 80 earned a tax credit of 20 repayable to the non taxpayer. From April 1999, however, the credit decreased to 8.89 and will no longer be repayable to the non taxpayer. The elderly Those over 65 at any time during the tax year get higher allowances - check they have given you yours. Aged 75 and over Personal Allowance 5,720 Personal Allowance 5,980 Married Couple's Allowance 5,125 Married Couple's Allowance 5,195 Just to complicate matters, the higher age allowances are reduced by 1 for every 2 of income in excess of 16,800, but are not reduced below the normal personal allowances. Coding notices show an adjustment to reflect this reduced rate of allowance which is the greatest source of confusion with them.
Penalties apply to late tax returns .
Click here to work out your tax bill. Watch your expenses position. This is particularly important for the self employed - you'll need to draw up some accounts sometime. Click here to work out your tax bill. The reduction depends on the length of time for which the asset has been held after 5 April 1998.