To: The Chancellor
Taxing State Pensions
The lack of increases in personal tax allowances and the increase in the state pension has resulted in many pensioners now paying tax on their pensions as they, as encouaged by successive governments, also have workplace pensions.
In order to help pensioners stop including state pensions in the calculations for taxable income
In order to help pensioners stop including state pensions in the calculations for taxable income
Why is this important?
As workplace pension pots increase because people are contributing to them longer then so will the amount of tax that people will pay when they activate them in their retirement. Pensioners have been paying towards the state pension all their working lives.
Taking the state pension out of the taxable income equation will give pensioners a tangible financial boost
Taking the state pension out of the taxable income equation will give pensioners a tangible financial boost
