Government plans for an income tax 'waiver' for older individuals reportedly will not apply to those who delayed taking their state pension, according to recent reports.
Government plans for a new income tax 'waiver' are reportedly set to exclude individuals who delayed taking their state pension. The proposed waiver is intended for older people whose 'only income is the full new or basic state pension without any increments'.
Details of this initiative are still pending, but the current understanding suggests that those who opted to defer their state pension will not be eligible for this tax relief.
What this means for you: If you are an older individual whose only income is the full new or basic state pension without any increments, you may be affected by this proposed income tax waiver. However, if you delayed taking your state pension, you are reportedly set to be excluded.
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