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Tax penalty fears for pensioners as millions ‘dragged into net’
Newsletter issue – May 2024
Baroness Ros Altmann, a leading campaigner on pensions, has highlighted her fears after figures showing that the number of pensioners liable for tax have doubled in the last 14 years.
The number has risen to over 9 million, compared to just 4.5million back in 2010.
She said the stats were 'worrying' and means millions more pensioners are being 'dragged' into the tax net.
Baroness Altmann, who served as Pensions Minister under David Cameron, said as the new State Pension climbs above 90% of the personal tax threshold, more pensioners may be hit with tax penalties.
Writing on her website, she stated: 'It is worrying that so many more pensioners could be dragged into the tax net. Many may have no idea they need to pay tax at all, especially if they have never been liable before.'
She added: 'More pensioners are at risk of facing fines for not paying tax they never knew was due: Most of those tipped into tax will be poorer pensioners with little more than their state pension to live on. Most of them will be totally unaware of any liability and will probably never have filled in a tax return in their life. They are then at risk of being hit with fines and penalties for not paying a tiny amount of tax that they didn't even know about.'
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