If the answer is yes you will not qualify for the higher value personal allowances presently available to the over 65s and over 75s.
From 6 April 2013 Age Related Personal Allowances are being phased out. Here’s how the changes will work in practice:
1. If your birthday is after 5 April 1948 you will not qualify for Age Related allowances.
2. If your birthday is after 5 April 1938 but before 6 April 1948 you will continue to qualify for the Age Related Personal Allowance (65 to 74 age group) of £10,500 until this allowance equals, or is exceeded by, the Personal Allowance. For 2013-14 the basic Personal Allowance is due to rise to £9,205.
3. If your birthday is before 6 April 1938 you will continue to qualify for the Age Related Personal Allowance (75 and over) of £10,660 until this allowance equals, or is exceeded by, the Personal Allowance. As mentioned in 2 above for 2013-14 the basic Personal Allowance is due to rise to £9,205.
There is no doubt that eventually all taxpayers over the age of 65 will be disadvantaged by these changes.