Millions of people over State Pension age set to pay income tax due to frozen Personal Allowance
dailyrecord.co.ukRetirement expert Adam Pope from Spencer Churchill Claims Advice has warned that nearly two million people over State Pension age will feel the financial impact of the freeze on the Personal Allowance within the next four years.
The latest figures from the Department for Work and Pensions (DWP) show there are nearly 12.7 million people over State Pension age across Great Britain, including more than 1.1m living in Scotland.
However, of that overall total, some 8.1m (64%) currently pay tax in retirement, largely due to additional income from workplace or private pensions on top of their State Pension.
Spencer Churchill predicts nearly 900,000 more people will exceed the Personal Allowance threshold of £12,570 over the current financial year, with the further 2m expected before the freeze ends in 2028.
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