"Another stealthy freeze in the tax system is the £35,000 cut-off for entitlement to Winter Fuel Payments. This was not increased in the Budget and it seems highly like that it will remain frozen for the foreseeable future. This means that pensioners currently on incomes under £35,000 could lose their Winter Fuel Payments if inflation increases to their pensions gradually take them over the cut-off."
"Around 200,000 pensioners will freeze this winter and the number will rise annually as the government website states this number is set to be denied lifeline payments will be 2.2 million. This is far higher than what the government previously announced and experts have sounded the alarm warning this will grow every year. In June the Treasury announced 2 million pensioners will lose winter fuel payments of up to £300, as those with incomes of more than £35,000 will lose out."
The £35,000 income threshold for Winter Fuel Payments will remain frozen until at least 2029, causing the number of pensioners losing payments to rise. An estimated 2.2 million pensioners will be denied Winter Fuel Payments this winter, up from an earlier projection of 2 million. Winter Fuel Payments can be up to £300 and will be removed for pensioners with incomes above £35,000. Inflation and pension income increases will push more individuals over the frozen cutoff, creating a growing annual impact. Campaign groups describe the measure as cruel and cynical and warn the policy will hit an expanding number of pensioners each year.
Read at London Business News | Londonlovesbusiness.com
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