People could be targeted by the tax system for earning their full slice of the state pension pie - With some due to pay over £100 a year
The full new state pension could be just 5 years away from earning a tax bill as an income tax cap is predicted to continue. Ahead of Chancellor Rachel Reeves' budget on October 30, experts are expecting her to announce an extension of the freeze on personal allowance thresholds by another year or so.
The 2025 rise leaves just over £600 gap between the full new state pension and the personal allowance threshold that currently makes state pension tax-free. Even if state pension only rises by the minimum 2.5% promised through the triple lock each year until the personal allowance threshold is unfrozen, Quilter calculated for i that the state pension will incur a £130.20 tax bill by 2030.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gamers can buy seven great games worth over £130 for just £15There is a new Humble Bundle offering seven great games and two DLCs worth over £130 available to buy for just £15.
Read more »
State pension to be taxed £130 by 2030 as Reeves set to freeze thresholdsState pensions rise by at least 2.5 per cent every year, which will mean they will soon be subject to tax
Read more »
Tech fans snap up £250 Amazon Fire tablets as they're slashed to £130 onlineAmazon's Fire Max 11 Tablet typically retails for £249 but shoppers can snag it with an almost £121 discount for a limited time
Read more »
HMRC says 'act now' as 671,000 people may have up to £2,212 in hidden savingsThousands of these accounts are sitting unclaimed
Read more »
HMRC warning to 300,000 people as deadline is two weeks awayPeople are urged to contact HMRC as soon as possible if they are struggling
Read more »
HMRC urges 670,000 people born between two dates to claim £2,212Thousands of cash pots are sitting unclaimed, the Government says
Read more »