650,000 State Pensioners Face New Tax Raid From April - Many Have Already Spent The Money

24th March 2024

In 2010, when the Tory-led coalition came to power, fewer than five million pensioners paid income tax, according to the Institute for Fiscal Studies. Today, more than 8.5 million do so.

That will shoot past past nine million from April, when another 650,000 are dragged into the income tax net, thanks to Chancellor Jeremy Hunt's decision to freeze the personal allowance at £12,570 until 2028.

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