US EditionHMRC Figures Show One Million Pensioners Facing 'Triple Whammy' Tax Payments - Manchester Evening News
- HM Revenue and Customs released data in 2025 showing around one million pensioners pay income tax at 40% or above in the UK.
- This increase follows a four-year period marked by frozen personal allowances and tax thresholds, along with rising state pensions and inflation adjustments.
- Many pensioners face a 'triple whammy' of higher income tax, reduced personal savings allowances, and higher capital gains tax on pensions and savings.
- Sir Steve Webb highlighted that the frozen tax thresholds have created a sharp dividing line, causing an increasing number of pensioners to move into the higher tax brackets and face heavier tax liabilities.
- With personal allowances remaining unchanged, more retirees are expected to fall into higher tax brackets, posing continued financial difficulties for this group.
Insights by Ground AI
Does this summary seem wrong?
21 Articles
21 Articles
All
Left
1
Center
4
Right
3
Coverage Details
Total News Sources21
Leaning Left1Leaning Right3Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
13%
C 50%
R 38%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
