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Over Nine Million State Pensioners to Face Tax Under New ‘Retirement Tax’ Rules
ALEX BRUMMER: Chancellor's pledge not to come back for more taxes will be ditched
https://www.msn.com/en-gb/money/other/alex-brummer-chancellor-s-pledge-not-to-come-back-for-more-taxes-will-be-ditched/ar-AA1AWQNr?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=60#fullscreen
https://www.msn.com/en-gb/money/other/alex-brummer-chancellor-s-pledge-not-to-come-back-for-more-taxes-will-be-ditched/ar-AA1AWQNr?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=60#fullscreen
Comments
https://www.msn.com/en-gb/money/other/savings-disaster-rachel-reeves-to-push-ahead-with-counter-intuitive-isa-reform-as-britons-face-tax-raid/ar-AA1AUC9q?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=92#fullscreen
https://www.msn.com/en-gb/money/other/cash-isa-deposit-limits-could-be-slashed-as-treasury-advances-reform/ar-AA1AVtCM?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=111#fullscreen
https://www.msn.com/en-gb/money/other/state-pension-outrage-as-thousands-of-britons-demand-labour-stop-payments-being-taxed/ar-AA1AUxbC?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=121#fullscreen
https://www.msn.com/en-gb/money/other/six-week-pension-delays-after-rachel-reeves-s-budget-triggers-panic/ar-AA1AUnlH?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=149#fullscreen
https://www.msn.com/en-gb/money/other/millions-of-britons-warned-nasty-shock-looms-as-interest-rate-decision-next-week-could-be-particularly-painful/ar-AA1AWlao?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=168#fullscreen
https://www.msn.com/en-gb/money/other/desperate-pensioners-ignoring-4-rule-to-avoid-inheritance-tax/ar-AA1AH0n4?ocid=msedgntp&pc=W230&cvid=8105e1b0bf6e478e8d0fd21210c37a98&ei=179#fullscreen
https://www.msn.com/en-gb/money/other/a-million-more-at-risk-of-paying-40-tax-chancellor-may-extend-freeze-on-thresholds/ar-AA1AZMoW?ocid=msedgntp&pc=W230&cvid=def6eb7c941e476d8fbb7806305927ba&ei=52#fullscreen
https://www.msn.com/en-gb/money/other/state-pension-age-and-triple-lock-under-threat-as-reeves-could-consider-rabbit-in-the-hat-move-to-cut-costs/ar-AA1B5Ccc?ocid=msedgntp&pc=W230&cvid=8020bfab216a4b92dfcee593c89abd8c&ei=15#fullscreen
It was the Tory govt who introduced the PTA freeze till 2028
I wish I only had to pay £1.60 in tax a year... I'm fortunate to be able to earn more and pay more tax but at least the pensioners have had some rises in recent years to get to this point?!
I get slightly more.
I dont know why, I think I opted in to pay additional NI contributions.
I will get £982.70 from April.
That means I will pay tax on it this year, albeit a very small amount.
About £41.
Although assuming I am still here, I will pay income tax on the full increases for the next 4 years.
I am not moaning, there are people that are much worse off than me.
I still receive some income from elsewhere.
So I have lost out on the frozen thresholds.
When they froze them in 2021, the state pension was around 9k.
This gave me £3,570 tax free out of my other income.
That figure has gradually been eroded in the intervening years, and completely eroded as of this year.
So from this year I will pay a little tax on my pension, plus the other income is fully taxed.
Had they increased the thresholds, I would be £750 better off this year.
Not moaning though, there are many worse off.
All my increases are now coming through.
Both this government, and the last one have made such a big deal out of the triple lock.
And how grateful we should be, and the country cant really afford to do it.
I am certainly not ungrateful, and glad of any increase
My wife doesnt get a full pension she gets around £7,800 per year.
So the triple lock increase for both of us will come to £823.
Increases.
Council tax £180
Water Rates £360
Energy £480
Sky, mobile £120
phone, and
Broadband.
Total £1,140
I havent included the increase on a life insurance policy, or the 25p on the postcode lottery.
I might have shot myself in the foot on the energy bill, as I think they reduced the dd because I was quite heavily in credit.
But those figures are correct I will be paying £168 from April, and I currently pay £128.
So in summary the triple lock increase didnt get anywhere near this years total increases, and I have to reduce future pension increases by 20% to allow for income tax, at least until the next general election
Still not moaning.
Although if we were solely reliant on the state pension, maybe I would.
I am a toyboy.
Although she is odds on to outlast me, I am not sure that at her age, it would be worthwhile.
Thanks anyway.
Has Mrs Haysie taken advantage of taking out several life assurance policies agin you? 😉
ps haven't forgot the gas calculation, not home till tomorrow!
https://www.msn.com/en-gb/health/other/gen-z-with-anxiety-and-depression-to-get-universal-credit-cut/ar-AA1Bbog0?ocid=msedgntp&pc=W230&cvid=8a34336be2374ac58e04ae29e77833bc&ei=23#fullscreen
https://www.msn.com/en-gb/money/other/dwp-state-pension-age-to-rise-next-year-for-people-born-between-1961-and-1977/ar-AA1BdX66?ocid=msedgntp&pc=W230&cvid=424ba31fbc594f8399bc6db5f6f1e13f&ei=15#fullscreen
https://uk.yahoo.com/news/state-pension-warning-thousands-denied-125147708.html