MONEY POLL: Should state pension payments be tax-free?
Susanna Reid challenges Work and Pensions Secretary Pat McFadden about the government's plans. |
GB NEWS
State pension payments could cross the tax-free personal allowance threshold within the next few years, analysts warn
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State pensions are guaranteed to rise next year thanks to the triple lock, but analysts are sounding the alarm that retirees could see their tax liabilities increase as a result.
As it stands, the personal savings allowance sits as £12,570 but the new full, state pension is expected to cross this threshold within the next two years under the current payment uprate mechanism.
This development has heightened anxieties among the Britain's pensioners with some groups calling on the retirement benefit to be exempt from paying tax to HM Revenue and Customs (HMRC).
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