Business Terms and Jargon Explained

What is Age Relief

This is an allowance that is given when you reach a certain age. This allowance usually retirement age gives an additional allowance or increases their personal tax allowance. This means that they can earn more before they have to pay tax. If their earnings are over the tax allowance then they will have to pay tax on the amount over the allowance. This overall reduces their tax liability.

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Term created / updated 2006-05-20 07:39:21

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