Rishi Sunak has promised to increase the Personal Allowance threshold for State Pensioners.
Rishi Sunak has unveiled a £2.4 billion tax break to help secure the support of more than 12 million pensioners across the country ahead of the General Election on July 4. The Prime Minister promised to increase the Personal Allowance threshold for people over 66, giving them a tax cut worth around £95 in the 2025/26 financial year, rising to £275 in 2029/30.
It’s important to be aware that older people whose sole income this year is the State Pension currently do not pay tax. “The question likely to hang over this approach is one of intergenerational fairness as while there are a large group of pensioners struggling to get by, there are also many who are comparatively well off and it appears the policy would apply to both groups.”
Latest State Pension News State Pension and tax in a nutshell The full New State Pension is worth £221.20 each week 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, making the annual income from State Pension alone to £11,502.
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