what are age related tax allowances
Most taxpayers born before 6 April 1948 are entitled to a higher Personal Allowance known as an age-related Personal Allowance. The amount depends on their date of birth and their income. The income limit for age-related Personal Allowance is Â£27,000 in the 2015/2016 tax year.If income is above this income limit, the age-related allowance is reduced by Â£1 for every Â£2 of income over the limit.he amount depends on their date of birth and their income. The income limit for age-related Personal Allowance is Â£27,000 in the 2015/2016 tax year. If income is above this income limit, the age-related allowance is reduced by Â£1 for every Â£2 of income over the limit.