Hunt's tax changes will not affect over-65s, leaving the grey vote at risk
Pensioners would have been over £1bn better off if income tax had been cut by 2p, instead of national insurance, new analysis exclusive toThe 2p cut in the national insurance rate is a move worth £448.60 for a worker earning £35,000 annually and will apply to roughly 27 million people, but 11 million pensioners miss out because in most cases they are exempt from the the tax.
This equates to a total saving of roughly £1bn, as long as Scotland, which has devolved powers to impose income tax, followed Westminster’s lead.“While an income tax cut was clearly deemed too expensive it might have had a broader impact on the nation as a whole, pensioners included,” said Rachael Griffin, tax and financial planning expert at Quilter.Over-65s are four times more likely to vote in elections than 18-24 year-olds and many are influenced at the ballot box by pensions policies.
When the Conservatives came into power, there were around 4.5 million over-65s who paid income tax but it is predicted 9.15 million people are likely to fall into the bracket in 2024-25, according to the consultancy Lane Clark & Peacock.
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