Pay per mile. Another blow for EV drivers

[Scotsman]

Could be worse you could live in south Korea where you would still be working at 73 years old or Japan 70 years think positive where else in the world can you get taxed twice for having a car

 

[GaryMG4]

I pay tax on my state pension because I contributed to SERPS for a few years. They have announced that if you only receive the basic state pension it will not be taxed, as with the frozen bands the state pension is expected to exceed £12,570 in 2027 due to inflation.

 

[salty]

State pension is taxable, it is just that the maximum given hasn't exceeded the personal allowance. When it does (soon), part of it will be taxed. The government has announced this will be "easy" to do without having start filling out a tax return (for those that don't currently do one).

State pension is not taxable (not yet anyway, but give them time)
Its your private pension that's taxed. Coz it obviously takes your retirement earnings above £12,570.

 

[colsky]

State pension is not taxable (not yet anyway, but give them time)
Its your private pension that's taxed. Coz it obviously takes your retirement earnings above £12,570.

State pension is taxable, though pensioners are unlikely to pay tax in practice if their only income is the state pension. Saying it is not taxable implies that it is exempt from tax, which is not correct. It is possible to receive a state pension that is above £12,570 with deceased spouse transfers, and that would result in a tax charge on the excess over £12,570, even if no other income.

 

[LenEV2016]

State pension is not taxable (not yet anyway, but give them time)
Its your private pension that's taxed. Coz it obviously takes your retirement earnings above £12,570.

Probably just a couple of years rises away from passing the tax threshold

 

[Gadget Geek]

Christopher Bullock wrote in 1716, "Tis impossible to be sure of any thing but Death and Taxes".

 

[tsedge]

Exactly, which is what I am saying.

There's nothing about the state pension that makes it exempt from tax except if it is your only income that means it is currently below the tax-free threshold - but as it rises each year we are not far away from the point that some of the state pension will be above the tax-free threshold and will then be taxed.

This is why the government has announced there will be an "easy" way to pay this tax.

 

[salty]

Christopher Bullock wrote in 1716, "Tis impossible to be sure of any thing but Death and Taxes".

And by Christ was he right.

 

[GranTurismoEra]

Death and Taxes. Soon youll be taxed at death. Taking up space in the ground or emissions caused by cremation. Relatives liable. You couldnt even exit in peace. Thats the real exit tax.

 

[salty]

State pension is taxable, though pensioners are unlikely to pay tax in practice if their only income is the state pension. Saying it is not taxable implies that it is exempt from tax, which is not correct. It is possible to receive a state pension that is above £12,570 with deceased spouse transfers, and that would result in a tax charge on the excess over £12,570, even if no other income.

But that's the exception not the rule. For the vast majority, state pension is not taxed

 

[tsedge]

But that's the exception not the rule. For the vast majority, state pension is not taxed

True but soon to change as it rises.

 

[salty]

True but soon to change as it rises.

Agree. But as it stands now. It's not taxed

 

[salty]

Probably just a couple of years rises away from passing the tax threshold

Probably not even that. One rise would do it. If it was more than 5%

 

[MG Clive]

Probably not even that. One rise would do it.

It will be £12548 from April 2026, so it'll be very close.

 

[tsedge]

Without stealth taxes (freezing the thresholds), allowing for CPI inflation, the thresholds should now be:

Tax-free allowance: £15,490
20% rate: up to £61,921
40% rate: up to £184,766 (assuming £25,000 cut reversed)
45% rate: above £184,766 (assuming £25,000 cut reversed)

 

[salty]

It will be £12548 from April 2026, so it'll be very close.

Yep 6% or more, takes it over. If you get the full state pension.

 

[Everest]

It'll probably all change by 2028, and by then I'll be getting my State Pension, which will most likely be taxed, so they might as well have the 3p per mile as well.

STOP PRESS: Rachel announces Zimmer frame tax @ 3p per step

 

[salty]

STOP PRESS: Rachel announces Zimmer frame tax @ 3p per step

Brilliant!

 

[MG Clive]

STOP PRESS: Rachel announces Zimmer frame tax @ 3p per step

It'll be mobility scooters next.

 

[Everest]

Shhhh