If the State Pension does keep rising with the Triple-Locked highest measure of inflation, and the income tax allowance remains frozen, it might indeed not be long before the pension is more than the allowance and so becomes taxable. For those with other pensions, it would mean a change of tax code, and more tax taken from one or more of those others. But many, and there are many, whose only income is the State Pension, would suddenly become taxable. A potential nightmare for the HMRC, who would have to either bring in a new system to tax it at source, or try to get thousands, probably hundreds of thousands, to fill in tax returns for the first time and pay what’s due. So it would never have happened. But of course sounds like a pretty good we-love-pensioners tax pledge. Just saying.
“Jeremy Vine latest to face HMRC in IR35 battle”
Yes, you heard it here first, there was something good in Liz Truss’s mini-budget: she abolished, or tried to abolish IR35. The ‘IR’ stands for Inland Revenue, so you can see it’s a regulation, or attempt at a regulation, which goes back to pre-HMRC days (that’s when it was merged with Customs & Excise, kids etc.).
