Increase Personal Income Tax allowance to £14,000 to cover the State Pension

Summary

Raise the income tax personal allowance from £12,570 to £14,000 to cover the State Pension. This will put all State pensioners, including older pensioners who have paid into SERPS or the State second pension, on an equal footing until the end of this Parliament. We believe The Chancellor’s proposals that only those receiving the new State Pension will not face additional tax demands because of the Triple Lock are flawed in that they favour pensioners retiring since 2016 with the benefit of the New state pension and thus create an unfair system. We feel that older pensioners who in the past have paid into SERPS or the second state pension will be discriminated against by the Chancellor’s proposals.

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