"Pensioners, particularly those who are continuing to work after they have reached retirement age will be amongst the biggest losers from the various tax rises the Chancellor, Rachel Reeves is expected to announce. Many of the tax changes that have been rumoured in the run-up to this Budget could impact pensioners in particular. The so-called 'mansion tax', which might increase the council tax charges on people who own properties in council tax bands F to H,"
"Other changes, such as the potential increase in the scope of National Insurance Contributions (NIC) to include letting income or imposing it on people who continue to work after having reached state retirement age of sixty-six would also hit a high number of pensioners. Current estimates suggest over 1.1 million pensioners are continuing to work after they have reached retirement age."
Pensioners who continue working and those who are asset-rich but income-poor are likely to be disproportionately affected by proposed tax changes. Proposed measures include a 'mansion tax' raising council tax for properties in bands F to H, and expansion of National Insurance Contributions (NIC) to cover letting income or apply to those working beyond state retirement age of sixty-six. Current estimates indicate over 1.1 million pensioners continue to work after reaching retirement age. Recent policy changes include removal of the Winter Fuel Allowance for some pensioners and a freeze of personal tax thresholds since 2021, increasing tax burdens on many pensioners. Such measures could prove politically controversial.
Read at London Business News | Londonlovesbusiness.com
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