Income Tax: Pensioners
(asked on 29th November 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many pensioners who do not pay income tax as their state pension is their sole income will start to pay tax from April 2024.
This question was answered on 4th December 2023
From April 2024, the full weekly rate of the basic State Pension will be £169.50 and the new State Pension will be £221.20. The Personal Allowance – the amount of income that each individual may receive before paying income tax – is currently set at a level high enough (£12,570) to ensure that those pensioners whose sole income is the basic or new State Pension, and who have not deferred or receive protected payments, do not pay any income tax.
From April 2024, the full weekly rate of the basic State Pension will be £169.50 and the new State Pension will be £221.20. The Personal Allowance – the amount of income that each individual may receive before paying income tax – is currently set at a level high enough (£12,570) to ensure that those pensioners whose sole income is the basic or new State Pension, and who have not deferred or receive protected payments, do not pay any income tax.