The Prime Minister will announce on Tuesday that from April next year the income tax personal allowance for pensioners will be increased in line with the triple lock, as he continues the Conservatives’ election campaign.
The tax cut will be funded through a previously announced plan to raise £6 billion a year by the end of the next parliament by clamping down on tax avoidance and evasion.For individual pensioners, it would be worth around £100 in 2025 according to the Tories, and would grow over time, adding to their incomes on top of rises in the state pension.
“Thanks to the Conservatives’ triple lock, pensions have risen by £900 this year and now we will cut their taxes by around £100 next year.
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Pensioners would get a £2.4bn income tax break under the Tories, Sunak to vowThe new ‘triple lock plus’ would ensure pensioners’ tax free allowance rises in line with the highest of earnings, wages or 2.5.
Source: Glasgow_Times - 🏆 76. / 59 Read more »