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Finance

Pensioners at risk of paying tax on retirement income

Many pensioners are already getting by on a limited income, but this could be squeezed further due to frozen personal allowances. In his Autumn Statement, Chancellor Jeremy Hunt announced a variety of tax allowances would be frozen for another two years – taking the freeze up to 2028. However, the decision to freeze personal allowances – the […]

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Finance

Pensioners may be missing out on £4,147 a year extra income

Stephen Lowe, a group communications director at the retirement specialist Just Group, addressed how much extra income older households are failing to acquire in benefits support. He explained: “Every year the figures consistently show the huge amounts of benefits that are going unclaimed but would make a massive difference to those struggling, especially with the […]

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Finance

Britons ‘need minimum living income’, says think-tank

A new report has called for the introduction of a so-called minimum living income, with benchmarks for different types of households. It is thought such a policy could be similar to the National Living Wage, which has varying rates for people of different age groups. The report has been written by Bright Blue, a Tory […]

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UK

More pensioners paying higher income tax amid 70 percent rise

The number of pensioners paying higher levels of income tax has risen dramatically over the past ten years, according to new figures released under Freedom of Information laws. While in 2012 some 425,000 people aged 65 and over were paying either the higher rate or additional rates of income tax, by last year that figure […]

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Finance

Check how much income tax you’ll pay this year with tax code

As announced in the Autumn Statement, the personal allowance, which is the amount a person can earn before they pay tax on their income, is to remain at £12,750. This means as incomes and salaries increase, more people will pass the frozen threshold and be hit by more tax. A person is taxed in line […]

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Finance

HMRC takes record income from death tax raids on grieving

The levy is increasingly being targeted by an HM Revenue and Customs (HMRC) team. Raids by HMRC scooped a record £326million last year. In another hit on bereaved families, from today the interest charged on unpaid death duties will reach a high of six percent. Since 2011, the taxman has charged 2.5 percent above the […]

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Finance

Man retires at 53 with strategy to protect income from inflation

Retiring early seems like a pipe dream for millions, especially against the backdrop of the current economic crisis – with COVID-19 and the Ukraine war playing a substantial part.  However, taking action when it comes to this perfect storm is likely to be key to help Britons who still want the retirement of their dreams. […]

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Finance

Britons urged ‘pay more into your pension’ to avoid income tax

Experts are sounding the alarm over the Government’s decision to extend the freeze on income tax thresholds. As a result of this, more people will be pushed into higher tax brackets which could end up with them paying more to the Government. However, those who chose to make additional pension contributions could prevent this from […]

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Finance

Five key methods to boost state pension income

Millions of retirees are living on a limited income and this can be tough amid a cost of living crisis. However, there are five key ways Britons could boost their income in later life that many may want to consider.  Pension Credit Pension Credit is designed to assist people over state pension age who are on a […]

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Finance

Pensioner, 72, boosts income by £156 per week with top-up

However, it is estimated some 850,000 people who are eligible currently do not claim. This can be for a myriad of reasons, including not believing one is eligible, like Mrs W. But the Government has recently stressed how valuable Pension Credit can be. Laura Trott, minister for pensions, said: “Pension Credit can make a real […]