{"id":43672,"date":"2023-11-07T15:19:01","date_gmt":"2023-11-07T15:19:01","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43672"},"modified":"2023-11-07T15:19:01","modified_gmt":"2023-11-07T15:19:01","slug":"state-pensioners-could-be-slapped-with-stealth-tax","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/state-pensioners-could-be-slapped-with-stealth-tax\/","title":{"rendered":"State pensioners could be slapped with \u2018stealth tax\u2019"},"content":{"rendered":"

Martin Lewis shares advice on pension credit payments<\/h3>\n

Experts are warning that pensioners are at risk of being slapped with an expensive \u201cstealth tax\u201d.<\/p>\n

The Government\u2019s freeze on tax allowance and thresholds may result in retirees being in tougher financial circumstances, according to Senior Capital.<\/p>\n

This measure was brought in as part of an initiative aimed at generating up to \u00a375billion every year in tax from 2027-28.<\/p>\n

However, it will also result in the state pension amount overtaking the income tax threshold for the first time since its inception.<\/p>\n

As such, many low-income older households who rely on the state pension will be considered about the prospect of being liable for more tax.<\/p>\n

Read more… As fuel bills rise pensioners can claim up to \u00a33,000 in winter state benefits<\/strong><\/p>\n

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Next year, under the triple lock, the state pension is expected to rise by \u00a3901.02 to \u00a311,501.22 a year.<\/p>\n

In comparison, the basic state pension will jump next year by \u00a3690.40 to \u00a38,812.80 if the 8.5 percent rate hike is implemented.<\/p>\n

As it stands, the standard Personal Allowance for taxpayers remains at \u00a312,570, which is the amount of income people do not have to pay tax on.<\/p>\n

However, if the triple lock remains in place, concerns are being raised that the annual state pension will exceed this amount.<\/p>\n

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Currently, over 3.5 million people aged 50-64 across the UK are classified as \u2018economically inactive\u2019, with the cost of living crisis resulting in many postponing their retirement plans.<\/p>\n

To pay for life postwork, some have turned to equity release to access frozen capital during this challenging economic time.<\/p>\n

The current total for the year is sitting at around \u00a35billion which shows much of the population is struggling financially.<\/p>\n

Data from the Equity Release Council revealed that over 55s have taken out a record 13,452 new equity release plans between July and September, drawing a total of \u00a31.7bn out of their properties in the third quarter of the year.<\/p>\n