HMRC to forgive tax bills for thousands of pensioners affected by frozen thresholds
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manchestereveningnews.co.ukHM Revenue and Customs (HMRC) is poised to cancel tax demands for numerous pensioners affected by the Government's static thresholds, in a new initiative aimed at easing the tax burden on retirees.
The Telegraph reports that due to frozen income tax thresholds, hundreds of thousands are expected to start paying tax on their state pensions in the coming years.
However, not all will be subject to tax demands, as HMRC has stated it will not pursue individuals who owe only a "tiny" amount of tax, citing the excessive cost of collection compared to the tax owed.
To date, approximately 140,000 pensioners have started paying tax on their state pension this year, with forecasts indicating an additional 400,000 will feel the impact by 2025.
Read more on manchestereveningnews.co.uk
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