Income tax is also paid on money received via pensions.By 2027, the state pension is expected to be higher than the tax-free personal allowance according to independent fiscal watchdog Office for Budget Responsibility (OBR).That would mean many millions more pensioners paying income tax, according to the Tories.Charities have been reporting heightened concern among pensioners who fear being dragged into paying income tax.
Both Age UK and Independent Age saying they have seen an increase in calls to their helplines in recent weeks from pensioners confused about the issue.Under the new scheme, the state pension will always be below the tax-free threshold.The Conservatives claim the plans will cost £2.4bn a year by 2029-30, funded by the previously announced strategy to raise £6bn annually through improving tax collection and cracking down on tax avoidance and evasion.Mr Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.
The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history.
"Labour shadow cabinet minister Jonathan Ashworth said Mr Sunak “is planning to reward Britain’s pensioners for their loyalty by stabbing them in the back, just like he did to Boris Johnson and just like he has done to his own MPs”.
“Not only have they promised to spend tens of billions of pounds since this campaign began, they also have a completely unfunded £46bn policy to scrap National Insurance that threatens the very basis of the state pension,” he said.Chancellor Jeremy Hunt has previously described ending National Insurance as a “long-term ambition” but acknowledged that it would not happen before 2030.Lib Dem Treasury spokeswoman Sarah Olney said: "The Conservative Party has hammered pensioners with years of unfair tax hikes and broken their word on the triple lock.
“People won’t be fooled by yet another empty promise from Rishi Sunak after this record of failure.”
The original article contains 492 words, the summary contains 323 words. Saved 34%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Income tax is also paid on money received via pensions.By 2027, the state pension is expected to be higher than the tax-free personal allowance according to independent fiscal watchdog Office for Budget Responsibility (OBR).That would mean many millions more pensioners paying income tax, according to the Tories.Charities have been reporting heightened concern among pensioners who fear being dragged into paying income tax.
Both Age UK and Independent Age saying they have seen an increase in calls to their helplines in recent weeks from pensioners confused about the issue.Under the new scheme, the state pension will always be below the tax-free threshold.The Conservatives claim the plans will cost £2.4bn a year by 2029-30, funded by the previously announced strategy to raise £6bn annually through improving tax collection and cracking down on tax avoidance and evasion.Mr Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.
The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history.
"Labour shadow cabinet minister Jonathan Ashworth said Mr Sunak “is planning to reward Britain’s pensioners for their loyalty by stabbing them in the back, just like he did to Boris Johnson and just like he has done to his own MPs”.
“Not only have they promised to spend tens of billions of pounds since this campaign began, they also have a completely unfunded £46bn policy to scrap National Insurance that threatens the very basis of the state pension,” he said.Chancellor Jeremy Hunt has previously described ending National Insurance as a “long-term ambition” but acknowledged that it would not happen before 2030.Lib Dem Treasury spokeswoman Sarah Olney said: "The Conservative Party has hammered pensioners with years of unfair tax hikes and broken their word on the triple lock.
“People won’t be fooled by yet another empty promise from Rishi Sunak after this record of failure.”
The original article contains 492 words, the summary contains 323 words. Saved 34%. I’m a bot and I’m open source!