New data from HMRC reveals that the number of pensioners paying income tax in the UK has risen significantly. The figures show an increase of 660,000 pensioners paying tax in the last year, bringing the total to 8.51 million in 2024/25. This marks a rise from 7.85 million in 2023-24. Since 2020, the number of pensioners paying income tax has increased by 2 million. The rise is attributed to the Conservative government's freeze on income tax thresholds. In addition to pensioners, the overall number of UK income tax payers has surged by 4.4 million over the past three years. This development poses a challenge for Prime Minister Rishi Sunak, who has made the promise of no pensioners paying income tax a central part of his campaign against the Labour party's proposed 'retirement tax.'
Number of UK income tax payers leaps by 4.4m in three years due to threshold freeze https://t.co/N8ThD23m1t
Effect of Tory freeze income tax thresholds 2024/25: 29m pay inc tax at 20% 2021-22: 27.4m 2024/25: 6.31m pay marginal rate of 40% 2021-22: 4.431m 2024/25: 1.13m pay marginal rate of 45% 2021-22: 0.52m 2024/25. 8.51m retirees pay inc tax 2021/22, 6.74m https://t.co/9gzTCZzMdX
On the subject of pensioners and income tax... New data from HMRC this morning shows the number of people above the state pension age estimated to be paying income tax rose in 2024-25 will be up by 660,000 on 2023-24, taking the total to 8.5 million.. https://t.co/sElseIU014 https://t.co/rABZj8o4WG
HMRC figures out today show most pensioners now pay income tax Up 2m since 2020 to 8.5m. Awkward for Sunak as he makes threat of Labour "retirement tax" central to his campaign Quite a lot of caveats to his promise of no pensioners paying income tax https://t.co/efATJOvjJd
With impeccable timing, HMRC have just published annual figures on numbers of pensioners paying tax. Number of people over state pension age paying tax rose by 660,000 in the last year from 7.85m to 8.51m...