People whose sole income is the State Pension do not pay tax.
During the first televised General Election debate on ITV on Tuesday night between Rishi Sunak and Labour leader Sir Keir Starmer, the Prime Minister warned that “for the first time in our country’s history, if Labour are elected, pensioners will pay tax.”
He urged Sir Keir to respond, but the Labour leader focused on the mounting costs of proposed Conservative plans to scrap National Insurance Contributions - which fund the NHS and the State Pension - and Inheritance Tax. However, of that overall total, some 8.1m currently pay tax in retirement, largely due to additional income from workplace or private pensions on top of their State Pension.
Annual income from the New State Pension alone is now £11,502, leaving just £1,068 before the Personal Allowance threshold is exceeded. This leaves just £3,756 before the personal tax threshold is exceeded, equivalent to additional income totalling £313 per month.
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