Millions of pensioners are expected to see their state pension rise by 3.9% next April due to the triple lock mechanism. This increase may lead to more pensioners paying tax as thresholds remain frozen.
The state pension is expected to see a 3.9% increase next April, a change attributed to the triple lock mechanism. This adjustment will affect millions of pensioners.
However, the rise in state pension, combined with frozen tax thresholds, could result in more pensioners being liable for tax payments.
What this means for you: If you are a pensioner, your state pension is expected to increase by 3.9% next April, which may affect your tax liability due to frozen thresholds.
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