140,000 UK pensioners face first tax bill since retirement due to fiscal drag and tax threshold freeze.
140,000 UK pensioners face first tax bill since retirement due to fiscal drag; failure to adjust tax thresholds with inflation, wages, and pensions leads to record number of retirees receiving tax bills this year. Labour's policy to freeze tax-free personal allowance at £12,470 until 2027-28 increases number of people pulled into tax net. New state pension at £11,502.40 and income from other sources may push individuals over personal allowance threshold.
July 29, 2024
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