The New and Basic State Pension will rise by 8.5 per cent from April 8.
More than 12 million older people in receipt of the New or Basic State Pension are set for a significant income boost during the new financial year when the Department for Work and Pensions uprates payments by 8.5 per cent from Monday, April 8. Additional State Pension elements, including deferred amounts, will rise by 6.7 per cent.
It's important to be aware that even though weekly rates will rise on April 8, payments are made in arrears which means it may take up to four weeks for people to see the full uprating reflected in payments. Over the 2024/25 financial year, the full New State Pension will be worth £11,502, leaving just £1,068 before the personal tax threshold is exceeded, so anyone with additional income of £89 or more per week - on top of State Pension - may receive a tax bill the following year.
LCP said HMRC may write to the pensioner after the end of the tax year telling them they have not paid the tax due on their State Pension and requiring them to make a payment before January 31 the following year.
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