Were one to be at all cynical, one might say that a Conservative government proposing to stop pensioners paying tax is only undoing what’s already been done. Since 2020/21, the number of pensioners paying tax has already increased by more than 2mn, almost 30% more. This is the effect, of course, of the combination of the wonderful triple lock and not-so-wonderful (unless you want to see a doctor some time this century) freezing of allowances to raise more tax. As previously rehearsed, allowing those who have never before completed a tax return to become tax payers and have to declare their state pension income would be a logistical and enforcement nightmare for HMRC; so my guess is that making the state pension tax-free would be welcomed by those having to administer it and cost-neutral at best. Fetch me a mirror, I see some smoke on the horizon…
“How to get rich in 2025”
Who wants to be a millionaire? Well, if you’re one of the 35% of the UK population renting long-term or of the 20% officially living in poverty, the answer’s ‘yes, please’.
