Over 114,000 people have signed an online petition arguing for an increase to the tax threshold.
More than 114,000 people have signed an online petition calling on the UK Government to increase the personal tax allowance from £12,570 to £20,000 to help people on a low income “get off benefits and allow pensioners a decent income”. The proposal is now being considered by the Pensions Committee for debate by MPs in Parliament - even though it’s still waiting on an official written response to the proposal from The Treasury.
“We think it is abhorrent to tax pensioners on their State Pension when it is over the personal allowance. We also think raising the personal allowance would lift many low earners out of benefits and inject more cash into the economy creating growth.” In a written response, Treasury Minister James Murray MP explained how the Labour Government “is committed to keeping taxes as low as possible for pensioners while ensuring fiscal responsibility”, but did not respond directly to the proposal for an assessment on increasing the income tax threshold.
The most important thing to remember is someone on the full New State Pension will not pay income tax, but older people with additional income through employment, private or workplace pensions, might need to pay tax. And with auto-enrolment in the workplace - now in its 13th year - more people will benefit from increased income in retirement and will probably pay tax - which will typically be deducted from their private pension.
State Pension Taxes Tax Cost Of Living UK Government
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.
This £20 family-sized slow cooker is shoppers' new favourite kitchen essentialDunelm's Chalkboard Slow Cooker is a hit with customers thanks to its affordability, ease of use, and handy chalkboard feature. The 3.5L capacity slow cooker is perfect for meal prepping and cooking hearty meals for the family.
Read more »
New £20 DIY Heart Test Could Prevent 136,000 Deaths YearlyA revolutionary DIY heart test costing just £19.99 has the potential to significantly reduce cardiovascular deaths. The 'Healthy Heart Check,' available online and in pharmacies, analyzes blood samples from a finger prick to provide a comprehensive 10-year risk assessment for heart attacks and strokes.
Read more »
This £20 Heated Hoodie Blanket Keeps Me Toasty Without Turning on the HeatingThis review explores the benefits of a heated hoodie blanket, highlighting its effectiveness in keeping warm during cold weather, while also reducing energy costs. The reviewer shares their personal experience with the product, describing its comfort, features, and value for money. The review also mentions the availability of the product from various retailers.
Read more »
Boots £70 straighteners reduced to just £20 online that some prefer over GHD'I usually use GHD straighteners but used these once and my hair has stayed straight much longer than it would when using the other brand. Would definitely purchase again.'
Read more »
Energy-Efficient Home Costs More Than £20 a Day in ElectricityA Rathcoole woman is facing high energy bills despite living in a new energy-efficient Nearly Zero Energy Building (NZEB) due to the solar panels not providing enough energy for the heat pump.
Read more »
Eco Home Costs Mum £20 a Day in ElectricityA Rathcoole woman is facing high electricity bills in her new energy-efficient home, despite it being designed to save money on energy. Alana McClean, a full-time carer, says she is spending £20 or more every day on electricity due to the heat pump not being adequately powered by the solar panels. She has contacted Apex Housing, the provider of the property, for help but has not received a response.
Read more »