Skip to content
Please donate

Income tax

If your income is over a certain amount, you will have to pay Income Tax on it. Not all income is taxable, and there are allowances and reliefs you may be able to claim. 


What do I have to pay income tax on?

Not all income counts towards Income Tax. You may have to pay tax on:

  • earnings from employment or self-employment
  • pensions, including State Pension, and annuities (except pensions under the War Pensions Scheme and Armed Forces Compensation Scheme)
  • interest from savings accounts
  • dividends from shares
  • income from lettings
  • some benefits, such as Carer’s Allowance and Statutory Sick Pay
  • income from a trust.

Do I have to pay tax on all my income?

You do not have to pay tax on:


How much income tax should I be paying?

We all have a personal tax-free allowance representing the amount of income you can receive before paying tax. Our factsheet lists how much the allowances are this year and explains how to work out the amount of tax you should be paying.

Planning for retirement: Money and tax

For more information call Age Cymru Advice on 0300 303 44 98

 

Last updated: Jun 09 2023

Become part of our story

Sign up today

Back to top