Nearly One Million Pensioners Set to Be Shielded From Income Tax in Budget
Published
Nearly one million pensioners could be protected from paying income tax under plans reported ahead of the Budget. According to GB News, the government is preparing to raise the tax-free allowance for pensioners on the lowest incomes to £13,036. This figure would exactly match the new full state pension, which is the regular payment that many older people receive from the government.
The tax-free allowance is the amount of money a person can earn in a year before they have to pay income tax. For most people, this amount is usually set by the government and changes over time. By raising the allowance for pensioners with low incomes, the change would mean that these people would no longer need to pay tax on the income they receive from their pensions and other sources, if their earnings stay below the new limit.
The reported measure is part of wider Budget preparations led by Chancellor John Healey. Details have not yet been confirmed in an official announcement, so the final rules could differ from the early reports. Readers should check the Budget documents once they are published to understand exactly who would benefit and when the changes would take effect.
Sources: GB News
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