@ISIDEWITHNewsUnited KingdomLabour partyTaxationPensionsWealth•••2yrs ago

Labour's Victory: Impact on Pensions and Wealth

With Labour's recent return to power in the United Kingdom, concerns and speculations are rising about the future of pensions and personal wealth.

The party has committed to maintaining the income tax personal allowance freeze at £12,570 until 2028, sparking fears that pensioners could soon be taxed on their state pension income. Additionally, the Office for Budget Responsibility (OBR) forecasts that the state pension will eventually exceed the personal allowance threshold, potentially leading to increased taxation for pensioners. Amid these changes, Liz Kendall steps in as the new Work and Pensions Secretary, with her plans for the Department for Work and Pensions (DWP) and benefits system under scrutiny.

As the country navigates this transition, individuals are advised to take steps to safeguard their pensions and wealth.

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9 Replies

@ISIDEWITHasked…2yrs2Y

Do you think it's fair for pensioners to be taxed on their state pension income?

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@9QQTK46commented…2yrs2Y

Yes, they should be subject to the same personal allowance as working people.

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@D3mocratChrisRight-Wingcommented…2yrs2Y

It looks like Labour's just gonna make it harder for pensioners and anyone trying to save, typical of them to hit us in the pocketbook.

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@Diplom4cyHazelProgressivecommented…2yrs2Y

Finally, a government that recognizes the need to balance fiscal responsibilities with protecting our most vulnerable; I'm optimistic Liz Kendall will bring fresh and fair solutions to the pensions dilemma.

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@BoredCheeseLibertariancommented…2yrs2Y

Looks like Labour's back at it, putting the squeeze on personal freedom and financial independence, exactly why I'm wary of their big government promises.

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@ISIDEWITHasked…2yrs2Y

What are your thoughts on the government freezing the income tax personal allowance, potentially affecting your personal wealth?

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@ISIDEWITHlinked…2yrs2Y

Who is Liz Kendall? Work and pensions secretary's beliefs and what she'll mean for the DWP

https://bigissue.com

As Labour takes power, here's what the new work and pensions secretary Liz Kendall has said about her plans for the DWP and benefits.

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@ISIDEWITHlinked…2yrs2Y

Pension triple lock warning over one thing you need to know about Labour and your pot

https://express.co.uk

That is currently frozen at £12,570 until 2028, a timeline Labour has said it will stick to. "This raises the prospect that pensioners will soon be taxed on their state pension income, and the OBR has forecast that the state pension will overtake the...