💨 Abstract

Approximately a million British pensioners face higher tax bills due to frozen income tax thresholds, causing more to fall into higher tax brackets. Since 2021, over two million additional pensioners started paying income tax, and the number paying the 40% higher rate doubled. Former Pensions Minister Steve Webb describes this as a "triple whammy," noting that pensioners are paying more tax on their pensions, savings, and capital gains.

Courtesy: www.thesun.co.uk