Changes to the State Pension could see millions of people paying tax in the next financial year, a pensions expert has warned
The Department for Work and Pensions has revealed that nearly 12.7 million people across Great Britain are currently of State Pension age. However, Adam Pope, a retirement expert from Spencer Churchill Claims Advice, has issued a warning that close to two million of these individuals will experience the financial effects of the Personal Allowance freeze within the next four years .
The figures paint a stark picture for pensioners and their taxes, particularly after accounting for the forthcoming increase in State Pension. With the new weekly payment amounting to £169.50 totalling £678 each month an annual boost of £692 is on the cards, pushing yearly income from £8,122 to £8,814, reports the Daily Record.
Such developments hit hard for those dependent largely on the State Pension, Pope pointed out, adding that without shifts in tax thresholds, unexpected tax bills could spell trouble for seniors with limited resources.
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