One million Britons hit by pensioner tax raid despite triple lock protection – Are you one of them?

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One million Britons hit by pensioner tax raid despite triple lock protection – Are you one of them?.

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The number of pensioners paying income tax has surged by more than one million in a single year.HM Revenue & Customs (HMRC) data shows 8.16 million taxpayers aged over 66, rising from 7.14 million the previous year.This means at least 22 per cent of all taxpayers are now above state pension age.The increase has been driven by frozen income tax thresholds alongside rising state pension payments under the triple lock.

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TRENDING Stories Videos Your Say As pension incomes increase while the tax-free personal allowance remains unchanged, more retirees are becoming liable for 20 per cent basic rate tax.A full new state pension currently stands at £12,548 a year, just £22 below the £12,570 personal allowance threshold.This narrow gap means pensioners receiving even small amounts of additional income, such as from a widow's pension, a private pension or an occupational scheme, are being pulled into paying tax.The trend is expected to continue as thresholds remain frozen.Basic and higher rate...

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