More than 900,000 pensioners could be forced to pay income tax following the 8.5 per cent increase in the State Pension announced in the Spring Budget, according to research conducted by financial experts Spencer Churchill.
This leaves just £3,756 before the personal tax threshold is exceeded, equivalent to additional income totalling £313 per month. Guidance for affected pensioners The spokesperson said: "For those among the 900,000 affected, especially the elderly relying on the Marriage Allowance, it's crucial to reassess your tax position. With the New State Pension potentially pushing you over the personal allowance limit, you might face unexpected tax liabilities. It's important to calculate if continuing to transfer part of your allowance to your spouse remains beneficial under these new conditions.
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