Income tax from April 2012
This page summarises the income tax arrangements for the financial year beginning in April 2014.
The basic personal allowances for 2014/15 are:
up to age 64 - £10,000
age 65 to 74 - £10,500
age 75 and over - £10,660
If your 65th or 75th birthday falls within a tax year then you are eligible for that level of personal allowance for the whole tax year (ie if your 65th birthday is 21 March 2014 you will be entitled to the personal allowance for age 65 to 74 from the tax year 2014-15). You may be eligible for additional allowances.
All of your income above your personal allowance and below £31,865 will be taxed at 20%. Taxable income between £31,866 and £150,000 will be taxed at 40%. Taxable income over £150,000 will be taxed at 45%.
Your taxable income will include any occupational or state pension you receive. It will also include any payments made to your through an annuity from your AVC. For more information you should contact your local tax office or visit the HM Revenue & Customs website.
Need further advice?
Your first point of contact is your ATL rep in your school or college. Your local ATL branch is also available to help with queries, or you can contact ATL's member advisors on tel: 020 7930 6441 or email us. Please have your membership number to hand when telephoning and include it with any correspondence - this will help us to answer your query more quickly.