Taxes by age

The following chart shows how taxes evolve across life on average for the baby-boom cohort. This is based on an annual per-individual basis assuming equal sharing in couples (i.e. family amounts divided by two) and is expressed in real 2015 terms (deflated by the RPI).

Mean taxes peak at £10 800 per year for individuals in their early 50s and then fall back to below £4 700 per year by age 75. The peak is due to a combination of income tax NICs and indirect tax.

There is no discrete fall in taxes at the state pension age (63 for women and 65 for men in the 2015/16 system) for two main reasons. First ...

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Mean taxes peak at £10 800 per year for individuals in their early 50s and then fall back to below £4 700 per year by age 75. The peak is due to a combination of income tax NICs and indirect tax.

There is no discrete fall in taxes at the state pension age (63 for women and 65 for men in the 2015/16 system) for two main reasons. First ...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: