Tax Code for Pensioners.

[MG Clive]

By 2027, the UK State Pension will exceed the £12570 Income Tax threshold, meaning UK Pensioners will have to pay tax on their pension. However, there is an ongoing petition to try to get this changed by doubling the personal allowance for pensioners.

So if, like me, you don't think UK Pensioners should be taxed on their pension, please sign this petition >> State Pension Petition. <<

Thanks.

 

[LenEV2016]

Done

 

[Jomarkh]

Done,

 

[Ian Key]

Done

 

[emmrecs]

Done!

 

[Archev]

By 2027, the UK State Pension will exceed the £12570 Income Tax threshold, meaning UK Pensioners will have to pay tax on their pension. However, there is an ongoing petition to try to get this changed by doubling the personal allowance for pensioners.

So if, like me, you don't think UK Pensioners should be taxed on their pension, please sign this petition >> State Pension Petition. <<

Thanks.

Done,
We probably will be.

 

[Everest]

However, there is an ongoing petition to try to get this changed by doubling the personal allowance for pensioners.

So increase it to about £25K? Sounds like a big ask... guess if you don't ask you won't get, but I would have thought a petition to just exempt state pension from basic rate tax would be more likely to succeed (or am I missing something about it being double)?

 

[MG Clive]

So increase it to about £25K? Sounds like a big ask... guess if you don't ask you won't get, but I would have thought a petition to just exempt state pension from basic rate tax would be more likely to succeed (or am I missing something about it being double)?

I guess if they start with a high proposal, is can be negotiated down to something acceptable to everybody.

 

[Archev]

I guess if they start with a high proposal, is can be negotiated down to something acceptable to everybody.

Aye but make it £64000 with a time limit on the negotiations so that their older clientele can take receipt of whatever it takes to an get some enjoyment from it before shuffling away to whatever hereafter we’re after planning.

 

[MG Clive]

By the way, this isn't my petition.

 

[DBedford]

Did we watch or listen to the Budget?

It was laid out that from 2027 that pensioners will not pay tax on their standard state pension. So no need for the partition !

 

[siteguru]

Actually it didn't quite say that ... as per the Gov response to the petition, they're looking at ways to minimise the administrative burden of paying small amounts of tax. That's not the same as not paying any tax.

 

[Bam Bam]

By 2027, the UK State Pension will exceed the £12570 Income Tax threshold, meaning UK Pensioners will have to pay tax on their pension. However, there is an ongoing petition to try to get this changed by doubling the personal allowance for pensioners.

So if, like me, you don't think UK Pensioners should be taxed on their pension, please sign this petition >> State Pension Petition. <<

Thanks.

Private Pension investments are given a significant tax break.

That's a good idea to encourage people to save for their future.

But then if the returns on those investments (during the payment of the pension) aren't taxed then that is double-non-taxation.

I haven't looked into what the government are planning to do. However, giving all pensioners (including the very wealthy ones) a massive tax break doesn't seem like a good idea when the country has had massive underinvestment in its infrastructure (e.g. sewage) for the last 40 or so years (like a lot of other Western Countries).