📢 Exciting news for pensioners! A campaign is gaining traction to double the income tax threshold for UK state pensioners, and it’s capturing the nation’s attention. 🌟
The current tax-free threshold is £12,570, but with state pensions on track to surpass this by 2027 thanks to the triple lock, many pensioners could soon find themselves paying more tax. 😬 This campaign advocates for a separate tax code enabling pensioners to earn up to £25,140 before any tax is due.
In just a week, support for this initiative has soared, racking up more than 25,000 signatures, pushing the total to over 73,703! 📈 If the petition hits 100,000 signatures, it will spark a debate in Parliament, compelling the Treasury to address these concerns and review their stance.
The government has already responded, noting, “The State Pension is the backbone of support for pensioners, but doubling the personal allowance would be untargeted and costly.” However, there’s a commitment to explore solutions that lessen the tax load on pensioners with limited income. 💬
Chancellor Rachel Reeves has confirmed plans to ensure pensioners receiving only the full new state pension won’t need to file taxes from 2027 if it surpasses the current allowance. While the Treasury remains dedicated to the Triple Lock, ensuring reliable increases to the state pension, the debate on tax thresholds remains a hot topic.
This campaign could redefine how pensioners handle their taxes, offering them much-needed financial breathing space. If you’re passionate about this cause, consider adding your signature. Your voice matters! 🗣️
#Pensioners #TaxThreshold #StatePension #TripleLock #FinancialFairness #UKPolitics