The Personal Allowance will remain frozen at £12,570 during the new financial year.
More than 39,500 people have signed an online petition calling for income tax on the State Pension to be scrapped in order to help “reduce the tax burden on pensioners” despite the UK Government rejecting the proposal earlier this year. The petition was created after it was announced in November the Personal Allowance income threshold will remain frozen at £12,570 during the 2024/25 financial year.
The response continued: “If the PA had been uprated by inflation every year since 2010-11, it would be £9,655 in 2023-24, which is £2,915 lower than its current level of £12,570. Due to the PA, around 30 percent of individuals do not pay tax. The petition and full response from the UK Government can be viewed on the petitions-parliament website here. At 100,000 signatures it would be considered by the Petitions-Committee for debate in Parliament.
The State Pension uprating means anyone with additional income of £89 or more per month - on top of their New State Pension - may receive a tax bill the following year. State Pension payment rates 2024/25 Below are the new State Pension payment rates, including the additional elements. Full details can be found on the GOV.UK website here.Basic State Pension payment rates 2024/25 These payments will rise by 8.5%:
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