Pensioners pay tax
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Pensioners pay tax

posted in Tax by Phillip Harris on 08:54 Jul 11th, 2018

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 Pensioners pay £24bn a year in tax

Analysis by Royal London has found that pensioners paid out £24bn a year in tax in the year 2015 to 2016, with pensioners living in England paying £21bn of this. Sir Steve Webb, director of policy at Royal London, commented: "Many people might assume that once you retire you cease to be of interest to the taxman. But these figures show that this is very far from being the truth. The number of taxpaying pensioners has nearly doubled in the last two decades. When planning for retirement it is vital to remember that the tax office will still want a slice of your income, which reinforces the need to put aside enough to secure a decent standard of living." He also said pensioners should brace themselves to pay even more tax if they have to start paying NI.

Source: City AM (09/07/2018)   

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