Tax concession for the elderly

The current tax legislation provides for a number of tax concessions, which are meant to provide tax relief to elderly persons. These tax concessions, which are mostly in the form of tax exemptions and credits, are contained in the Income Tax Act [Chapter 23:06], the Finance Act [Chapter 23:04] and the Capital Gains Tax Act [Chapter 23:01].

For the purposes of these concessions, an elderly person is a person aged 55years or more

Income Tax

• Exemption from Income Tax of the first US$3 000.00 per annum on rental income.
• Exemption from Income Tax of the first US$3 000.00 per annum on income    earned from bankers acceptances. 
• Exemption from Income Tax of the first US$3 000.00 per annum on income earned from interest on deposits to financial institutions.
• Entitled to an elderly persons’ credit of US$900.00 per annum.
• Pension received from a pension fund or the Consolidated Revenue Fund is exempt from Income Tax. 
• Where an employer disposes of a motor vehicle to an employee whether on termination of employment or otherwise, the benefit is exempt from tax.

Capital Gains Tax

• The full amount arising from the disposal of a Principal Private Residence (PPR) by persons who are 55 years or above on the date of the sale is exempt from Capital Gains Tax. 
• The first US$1 800.00 that accrues on the sale of any unlisted marketable security is exempt

 
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