Higher Tax Allowance Expected for Low-Income Pensioners
John Healey is expected to announce a higher personal allowance for pensioners whose only income is the state pension.
The new state pension may rise. It may reach £13,036 a year from April 2027.
The tax-free limit is £12,570. Some pensioners may then pay tax.
The plan may protect nearly one million pensioners.
The new allowance may match the state pension. It may rise when pension payments rise.
Steve Webb warned about a problem. People with small private incomes may pay more tax.
The plan may cost taxpayers about £200 million each year by 2030.
Section: Business
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