US EditionState Pension tax bill alert to millions before rate increase next week
- State Pension payments will increase by 4.1% starting April 7, 2025, boosting incomes for pensioners.
- The UK Government's Triple Lock policy ensures annual State Pension increases based on earnings, CPI, or a 2.5% minimum.
- The full New State Pension will rise to £230.25 weekly and £11,973 annually, while the Basic State Pension will reach £176.45 weekly and £9,175 annually.
- The Personal Allowance remains frozen at £12,570 until April 2028, meaning the full New State Pension will be just £595 below the tax threshold.
- Millions of pensioners with additional income face potential tax bills, as 64% may exceed the Personal Allowance by the end of 2024.
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The Scottish Sun
The Scottish SunMore than 650,000 dragged into paying more tax from today - are you one of them
STATE pension payments have increased to £11,973 a year as of today, benefiting millions of retirees. However, this rise will push 650,000 more pensioners into paying income tax over the next 12 months. AlamyEarlier projections indicate that by April 2026, as many as nine million pensioners could face income tax bills[/caption] This is because state pension payments have gone up, but income tax thresholds remain frozen until 2028, so more people…
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