Reynolds refuses to rule out tax raid on state pensioners
By LBC
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People on the full state pension are set to breach the personal tax allowance for the first time after official earnings data put them in line for a rise of nearly £500 a year from next April. Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest of total earnings growth in the year from May to July of the previous year, CPI (Consumer Prices Index) inflation in September of the previous year, or 2.5%. The Government has said pensioners who are wholly dependent on the new state pension – with no private pension – or the old “basic” pension, “with no increments”, will not have to pay tax, but has not set out how this will work. Tom Swarbrick expresses his love for pensioners as he points out how ‘ludicrous’ this situation is. Tom is joined by pensions expert Tom Selby and charity director at Age UK Caroline Abrahams to discuss the fallout. Listen to the full show on the all-new LBC App: https://app.af.lbc.co.uk/btnc/thenewlbc
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