General election: Tories announce 'Triple Lock Plus' pension allowance
General election: Tories announce 'Triple Lock Plus' pension allowance
The Conservatives pledge to raise the tax-free pension allowance by at least 2.5% a year if they win the election.
Funded by cracking down on tax swerving?! They've had 14 years to crack down on tax avoidance and tax evasion. Guess what they've never done! Guess WHY.
Clues: former Chancellor in multi-million pound tax avoidance scandal: https://www.theguardian.com/uk-news/2023/jan/29/nadhim-zahawi-sacked-tory-party-chair-tax-affairs-rishi-sunak
Can’t believe the only strategy they have left is to buy pensioner votes at all cost.
Such a shameless and brazen attempt to bribe the older electorate.
shameless and brazen
And pathetic. As most pensioners will know full well. Tory actions are directly responsible for the issue.
Hey we will fix our own fault problems. Really is the best they are offering.
Tories in a nutshell, 25 days of slave labour for the young, tax breaks for the old.
This isn't going to turn the election so it doesn't really count. Actually none of what Sunak is promising will actually make a difference to the election. The only way Starmer is going to lose is if he endorses rejoining the European Union and if there's one policy he's actually been clear on it's not rejoining.
Jaysus Sunak when are we going to hear something actually exciting or original from you? Where's your industrial strategy? Probably never which is why he'll lose.
Over confidence may very well turn the election. Remember tories are trying to turn a group known to actually turn up and vote.
Low voter turn out really is the biggest risk of a tory win.
He'll be advocating free TV licences next.
This is the best summary I could come up with:
Income tax is also paid on money received via pensions.By 2027, the state pension is expected to be higher than the tax-free personal allowance according to independent fiscal watchdog Office for Budget Responsibility (OBR).That would mean many millions more pensioners paying income tax, according to the Tories.Charities have been reporting heightened concern among pensioners who fear being dragged into paying income tax.
Both Age UK and Independent Age saying they have seen an increase in calls to their helplines in recent weeks from pensioners confused about the issue.Under the new scheme, the state pension will always be below the tax-free threshold.The Conservatives claim the plans will cost £2.4bn a year by 2029-30, funded by the previously announced strategy to raise £6bn annually through improving tax collection and cracking down on tax avoidance and evasion.Mr Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.
The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history.
"Labour shadow cabinet minister Jonathan Ashworth said Mr Sunak "is planning to reward Britain's pensioners for their loyalty by stabbing them in the back, just like he did to Boris Johnson and just like he has done to his own MPs".
"Not only have they promised to spend tens of billions of pounds since this campaign began, they also have a completely unfunded £46bn policy to scrap National Insurance that threatens the very basis of the state pension," he said.Chancellor Jeremy Hunt has previously described ending National Insurance as a "long-term ambition" but acknowledged that it would not happen before 2030.Lib Dem Treasury spokeswoman Sarah Olney said: "The Conservative Party has hammered pensioners with years of unfair tax hikes and broken their word on the triple lock.
"People won't be fooled by yet another empty promise from Rishi Sunak after this record of failure."
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