- Total News Sources
- 1
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- 1
- Unrated
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- Last Updated
- 27 days ago
- Bias Distribution
- 100% Right
HM Revenue and Customs (HMRC) is preparing to cancel tax demands for many pensioners due to frozen tax thresholds, which have increasingly pushed retirees into taxable brackets. Currently, around 140,000 pensioners have started paying taxes on their state pensions, with projections suggesting an additional 400,000 will be affected by 2025. If state pension rates increase by just 0.1%, the annual pension could exceed the personal allowance of £12,570 by April 2026, leading to a potential 40% tax rate for those relying solely on government support. HMRC has indicated it will not pursue tax payments deemed too minimal to justify collection costs, which is a relief for many retirees. The ongoing cost of living crisis further complicates the financial landscape for pensioners, as rising pension values under the triple lock could exacerbate tax liabilities. Financial experts advise that individuals should plan for potential tax implications on their retirement income, especially as thresholds remain frozen until 2028.
- Total News Sources
- 1
- Left
- 0
- Center
- 0
- Right
- 1
- Unrated
- 0
- Last Updated
- 27 days ago
- Bias Distribution
- 100% Right
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