New call to stop older people paying tax on State Pension ahead of annual uprating in April
dailyrecord.co.ukA new online petition is calling on the UK Government to remove income tax on the State Pension to “reduce the tax burden on pensioners”.
The personal tax allowance threshold will remain frozen at £12,570 during the 2024/25 financial year, which means that older people with an income of more than £242 per week may have to pay income tax.
Following the annual uprating, confirmed at 8.5 per cent by Chancellor Jeremy Hunt during the Autumn Statement, from April 8, someone on the full New State Pension will see their payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts to £884.80 each pay period.
Over the 2024/25 financial year, this is an increase of £902, taking the annual income from State Pension alone from £10,600 to £11,502.
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