Britain’s pensioners are set to pay tax on their state retirement benefit from 2027 after official earnings data confirmed that the state pension will rise by an inflation-busting 4.7% next April.
The uprating means Britons over the age of 66 will get a £561.60 ($765.66) increase in their retirement income to £12,534.60 from April, putting them on course to pay tax from 2027 unless the government raises their tax-free personal allowance. It would be the first time in history that the state pension incurs income tax.
Under the triple lock, the state pension rises by the greatest of either earnings, ...
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