More than ten million pensioners are now paying income tax, reaching a new record, according to the reports. The increase is linked to the continued freezing of income tax thresholds for several years. As thresholds do not rise in line with earnings or prices, a growing share of older people fall into the portion of income that is taxable. The outlets also note that the income tax threshold is now nearly level with the full annual State Pension, which contributes to more pensioners being affected by income tax as their retirement income increasingly crosses the threshold. The reports frame the development as a direct consequence of policy decisions to keep thresholds frozen and highlight the scale of the change by citing the number of pensioners paying tax and the record high. Overall, the coverage agrees on the core points: the tax-paying pensioner population is at its highest level, the figure is above ten million, and the frozen thresholds are a key factor behind the shift.
Record number of pensioners pay income tax as thresholds remain frozen
More than ten million pensioners are now paying income tax, reaching a new record, according to the reports. The increase is linked to the continued freezing of income tax thresholds for several years...
- More than ten million pensioners are paying income tax, a new record.
- Income tax thresholds have been frozen for about five years.
- The income tax threshold is now nearly level with the full annual State Pension.
- An increasing share of pensioners move into taxable income because thresholds do not rise.
More than ten million pensioners are now paying income tax, setting a fresh record since thresholds were frozen five years ago.
5 hours agoMore than ten million pensioners are now paying income tax, setting a fresh record since thresholds were frozen five years ago.
5 hours ago
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