UK retirees with no other income exempt from tax on £13,000 state pension, government confirms
The government has pledged to exclude single pensioners from taxation on the full state pension following a 3.9% wage growth figure that triggers an equivalent increase under the triple lock.
Average UK wages rose 3.9% in the three months to July, according to figures released Tuesday, signalling pensioners will receive a matching uplift to their state pension in 2027 under the triple lock mechanism. The government has committed to ensuring retirees with no other income will not pay tax on the full new state pension amount, which would otherwise exceed the standard personal tax-free allowance.
The triple lock guarantees the state pension rises in line with the highest of three measures: average earnings growth, inflation, or 2.5%. The wage growth announcement means the 3.9% figure will likely trigger next year's pension increase.
Sources
- UK retirees with no other income will not pay tax on new £13,000 state pension, No 10 says — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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