HMRC released guidance after I wrote that (above) that relates to males considering retirement - but especially to women. The former might want to consider making a decision about how to deal with their pension funds sooner, the latter might want to delay a few months. It doesn't apply to those with 'just' a public sector final salary pension.

http://www.echelonwealthcare.co.uk/retirement-whammy/

As ever, take regulated and authorised advice. ‎

Sorry AI R but as I understand it your tax code statement for over 65s is not completely correct.
Plse see .gov web site.

Personal Allowance for people aged 65-74 = £10,500 But see note 2

The age related allowance limit is £24500.

1.From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age.

2. These allowances reduce where the income is above the income limit for age-related allowances by £1 for every £2 of income above the limit. For the 2010-11 tax year the Personal Allowance for people aged 65 to 74 and 75 and over can be reduced below the basic Personal Allowance where the income is above £100,000.

So if you are prudent enough to have planned for retirement and have pensions say of £31000p/a

Then 31000 - 24500 = 6500, divide that by 2 =3250
Subtract that from £10,500 - 3250 = 7250 which is less than the current personal allowance so you personnel allowance will be £8105

So if your combined pension are above £29290 the higher personnel allowance does not apply to you.

Additionally this allowance is being removed over the next few years

Please correct me if i have it wrong but thats how it is applied to me.

Rdgs ***

You are right to an extent and yes, for incomes greater than the income limit of £25,400 the higher age-related allowance is gradually being removed. When the majority of people reading this will be drawing benefits, I imagine that the allowance will be long gone. Most people want to retire sooner than 65 so I had in mind, two types of people when I was writing that.

Primarily, someone (nominally a wife) who had no personal pension provision and where just a little may have helped. A lot of the upper limits of the age aspects of the allowances wouldn't apply, let alone the nominal amount which might apply (to 'her') at say, 55 if she wanted to cut down her hours of work and (maybe) £400 per month may have helped her do that.

Secondly, many people retiring want to retire before 65, when the age related allowances would kick in anyway (if it hadn't been chopped), and don't forget (I'm sure you know) you can take pension income and still work. There are so many variables and so many computations though, that yes, your scenario does currently apply to some (in particular, you!). As ever though, there is only so much space and an individual might be taxed on income that is derived from more than just pensions.

I'm moving to France. That'll confuse them. :hmm:

You'll miss the Ospreys.

Ah. Good point. Time to take up watching boars instead, I guess.

'Courtney Mil '

I'm moving to France. That'll confuse them.

No escape mate, if the UK tax man cant get you the the French will.

And note that the past two weeks have really p.....d them off so to tax the Brits will prove very popular move by Mr Hollande

FRANCOIS HOLLANDE PLANS TAX GRAB ON BRITONS WITH FRENCH HOLIDAY HOMES

Francois Hollande is planning to increase tax for those with French holiday homes
Thursday July 5,2012 By Emily Fox for express.co.uk

BRITONS with French holiday homes will face astronomical tax hikes if Francois Hollande gets his way.

The French President is planning to hike taxes on foreign-owned second homes as part of his plans to revive the nation's ailing economy.

And rather than subjecting his own people to harsh tax rises - Brits and any other foreigners with French holiday homes will face tax hikes across the board.

Ministers in Britain have said they will challenge the move by the new French President, who took over from Nicolas Sarkozy earlier this year.

If the proposed initiatives are to go ahead in France, tax on rental accommodation would rise from 20 per cent to 35.5 per cent applied retrospectively from January 1.

Plus ça change.

https://www.ft.com/content/5b78f944-...5-1ba1f72c2c11

And an Ombudsman’s determination from earlier this year about overpayments.

https://www.pensions-ombudsman.org.u...s/PO-10171.pdf