12 C
Saturday, November 26, 2022
HomeNewsFinanceTriple Lock promise could force ‘millions’ to pay income tax on their...

Triple Lock promise could force ‘millions’ to pay income tax on their state pension


Related stories


Mr Webb explained: “Freezing tax thresholds is a stealthy way of raising tax at the best of times, but at a time of soaring inflation, freezing thresholds has a profound effect.

“During this Parliament, we have already seen over a million extra pensioners dragged into the tax net, and next April’s increase is likely to add at least half a million more.

“If the Chancellor is looking for ways to cut taxes and ease the cost of living pressures on those on modest incomes, he could do worse than review the long-term freeze of income tax allowances”.

Speaking in the Telegraph, Mr Webb added: “While it is fair enough for better-off pensioners to pay their fair share of tax, it seems hard to justify a system where someone who has no income beyond a state pension and is potentially entitled to help with rent or council tax because they are on a low income should find themselves in the tax net.”


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories



Please enter your comment!
Please enter your name here