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Re: The traditional CF voting intentions thread, week 1
Quote:
Originally Posted by Damien
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The reporting on this in the Sun is absolute bolleaux scare-mongering…
Quote:
The Tories also plan to guarantee in legislation that OAPs’ personal allowance will always be higher than the level of the state pension.
Party insiders say that by 2027/28, at the current rate, the state pension will be £12,578. The tax-free allowance is now £12,570.
Without action, it would mean the elderly having to go through a red-tape headache of filling out a self-assessment form.
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I have been claiming pensions since late 2018 (4 x Defined Benefit pensions since 2018, a Drawdown pension since mid 2021 (made up by consolidating 4 Defined Contribution pensions), and a State Pension since late 2022), and I haven’t had to fill out a self-assessment*. All HMRC does (automatically) is offset your State Pension against your Personal Allowance, and if you get more than the Personal Allowance, put a K tax code (you have untaxed income which is more than your tax-free amount. This has been added to your pay or pension so the extra tax can be collected) against one of your pensions, and put the rest on BR (basic rate taxation of 20% with no allowance on those).
* my State Pension alone takes me over the basic Income Tax starting threshold
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