Pensioners: Tax Rates and Bands
(asked on 24th October 2024) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a higher tax threshold for pensioners.
This question was answered on 1st November 2024
The Government is committed to making sure older people can live with the dignity and respect they deserve in retirement. The income tax Personal Allowance will continue to exceed the basic and full new State Pension in 2024-25. This means that pensioners whose sole income is the full new State Pension or basic State Pension without any increments will continue to not pay any income tax.