Tax-Free for Pensioners: A New Plan?
Pensioners Face Tax Hike: A Growing Concern
According to Mirror, The government is thinking about not collecting small amounts of tax from pensioners. But, this might mean that many pensioners will have to pay taxes on their state pension money alone. This could be a big problem for people who are already living on a small income.
Jason Hollands, an expert, thinks that this is a bad idea. He says that many pensioners will be forced to pay more taxes and even have to fill out complicated tax forms. He also worries that these pensioners will lose their Winter Fuel Payment, which is meant to help them stay warm during the winter.
Tax Tussle: Will Pensioners Be Forced to Pay the Price as the UK Government Considers Axing Tax-Free Allowance for Small Pensioner Incomes? (PHOTO: GOOGLE)
Pensioners in the Crosshairs: A Tax Conundrum
The problem is that the state pension is increasing every year, and the personal allowance (the amount of money you can earn before you have to pay taxes) is not keeping up. This means that many pensioners will soon have to pay taxes on their state pension money. Jason thinks that the government should raise the personal allowance instead of letting pensioners struggle with taxes.
