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MPs Urged to Review HMRC Personal Allowance Tax Threshold for Pensioners
A petition with over 100,000 signatures demands doubling the tax-free allowance to £25,000, aiming to reduce tax on pensioners with small private or workplace pensions.
- This year a petition launched by Timothy Hugh Mason urges a new pensioner tax code to double the personal allowance to £25,140, and has passed 100,000 signatures, making it eligible for debate in UK Parliament.
- Rising state pensions are nearing the £12,570 personal allowance, which has been frozen since 2021, pushing more pensioners into tax. The new state pension at £241.30 a week is a key factor.
- Support groups including Silver Voices say small pensions are taxed unfairly, citing cases like widow Colette, 75, who was pushed over the threshold by about £1,000 and had her NHS pension taxed.
- The Labour Party government faces a debate before the Spring Statement next month, as Rachel Reeves has indicated pensioners relying solely on the state pension will not pay tax this parliament.
- In 2027, the full new state pension will exceed the tax-free allowance, resulting in a £292 exposure and a £58 bill under the triple lock 2.5%.
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Craven Herald+33 Reposted by 33 other sources
MPs urged to review HMRC Personal Allowance tax threshold for pensioners
MPs have been urged to re-examine plans to double the personal tax allowance for pensioners after more than 104,000 signed an official petition
·Skipton, United Kingdom
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