State pension triple lock

[Brigadier]

BTW I'm 78

Lend me a tenner, Guv

 

[big-all]

Income tax personal allowance threshold is £12,570. My state pension which I will start getting in December is £12,543.73 so below the threshold although I will be paying tax anyway as I still do bits of work, get a private pension and incomes from investments and rentals. If the triple lock will be 8.5% next year, that rise will bring my state pension up to £13,609 so if it was my only income I would be paying tax on that. Why give someone a pension and then take it back? They need to raise the threshold for pensioners who have no other sources of income or make state pension tax exempt.

increase the allowance yes but no to exclude the pension as that would be up to £500 without paying tax every week this would be grossly unfair on the young and others struggling who would pay more tax to cover pension contribution

 

[JohnD]

Why give someone a pension and then take it back?

You are asking why income tax is charged according to income.

It's because that's the way income tax works.

 

[Mottie]

You are asking why income tax is charged according to income.

It's because that's the way income tax works.

Most people don’t get their 'income' as a payment from the government though.

 

[Mottie]

increase the allowance yes but no to exclude the pension as that would be up to £500 without paying tax every week this would be grossly unfair on the young and others struggling who would pay more tax to cover pension contribution

I must have covered others pension when I was young and struggling then. What comes around….

 

[JohnD]

Most people don’t get their 'income' as a payment from the government though.

Civil servants? MPs? NHS workers? People on benefits? Servicemen?

Quite a lot, actually.

 

[Mottie]

Civil servants? MPs? NHS workers? People on benefits? Servicemen?

Quite a lot, actually.

They’re called wages. People go to work to earn those wages. Apart from those on benefits, have the others paid in for a lifetime to be able to work for them?

 

[JohnD]

have the others paid in for a lifetime to be able to work for them?

What?

 

[Mottie]

What?

You get a pension on the whole for paying your NI contributions as an employee during your lifetime. You don’t have to pay to work for the government so you chipping in that government EMPLOYEES pay tax on earned wages is irrelevant to the argument about taxed state pension payments.

 

[noseall]

But you were quick to jump on the Tories.

Next time you are near a grown-up, ask them who are the political party in power (UK), for the last decade or more.

 

[gant]

Next time you are near a grown-up, ask them who are the political party in power (UK), for the last decade or more.

Went over your head then, not a first

 

[Murdochcat]

You don’t pay tax on your state pension

you do pay tax on other income above the threshold

 

[denso13]

You don’t pay tax on your state pension

Only because it is below the threshold. If it goes above the threshold limit it is taxable.

 

[gant]

And 2028 is the year when it's reassessed assuming if Starmer gets in he doesn't alter it.

 

[Murdochcat]

Only because it is below the threshold. If it goes above the threshold limit it is taxable.

not many people will get a higher state pension than the tax threshold


taxes have to be paid if people want services. Just accept that and move on