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[ronnyd]

Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.

A few weeks ago on here, i asked about my occupational pension which is very close to running down. Thanks for the replies and advice too. The question i now ask is what the DWP now class as 'state pension'. Years ago i decided to stay in the old SERPS pension scheme instead of putting extra into the company scheme, when it went from a final salary to a "money purchase" scheme. This has left me quite a reasonable weekly amount which is well over the £12,570 pa tax threshold. Will the DWP class the extra i receive as part of my pension or tax me on that part?    Haven't heard any comments on the media regarding this situation.

[Field Marshal Dr. Opti]

The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.

[STEMO]

The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.

It will be in place unless the various parties start making promises prior to 2029.

[Doctor Gollum]

Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.

That's not much of a change. It's all been taxed at the lower threshold previously.

[STEMO]

Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.

That's not much of a change. It's all been taxed at the lower threshold previously.

None of my state pension has ever been taxed, and it won't be until 2029 at least.

[STEMO]

The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.

According to you, I'll be dead by then 

[Field Marshal Dr. Opti]

Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.

That's not much of a change. It's all been taxed at the lower threshold previously.

None of my state pension has ever been taxed, and it won't be until 2029 at least.

Rachel is well known for changing her mind, and the goal posts.

It will be government policy until it isn't.....and that could be next week.

The whole budget was an unprofessional farce.

[Field Marshal Dr. Opti]

The £12570 tax limit will be in place until 2031.....by which time the state pension will probably be around £15000. I can't see the difference remaining untaxed for that long.

According to you, I'll be dead by then 

Almost certainly, and for a few years.

[STEMO]

Another one I heard from Martin Lewis yesterday evening, pensioners will not have to pay income tax on their state pension, even if/when the pension exceeds the 20% tax threshold, which it will do in 2027.
However, they will have to pay tax on their occupational pension.

That's not much of a change. It's all been taxed at the lower threshold previously.

None of my state pension has ever been taxed, and it won't be until 2029 at least.

Rachel is well known for changing her mind, and the goal posts.

It will be government policy until it isn't.....and that could be next week.

The whole budget was an unprofessional farce.

As I said pages ago, I couldn't care less I will carry on as before, the British way 🇬🇧

[STEMO]

But I won't be investing in any British stocks.

[Mr Skrunts]

Only bonus I see from the mansion Tax is that anyone considering buying a £2,000,000 house will be in a position the negotiate the price down.

There is a house 2 villages away from me that went on the market 18 months ago for £3M, Didn't sell, dropped by £250k 3 times.  Now £2M so any buyers now are in a good position to kick them in the nuts with an offer.

[Kevin Wood]

But I won't be investing in any British stocks.

This is the thing.. She's doing this to promote more investment, yet when I look where my ISA investments are, precious few of them are here, probably because the magic money tree hasn't delivered the growth Starmer and Reeves have been banging on about for 18 months while stifling it with every move.

[Rangie]

We keep a few grand in ISAs as an emergency fund instant access if we need it,  the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them,  don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.

[STEMO]

We keep a few grand in ISAs as an emergency fund instant access if we need it,  the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them,  don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.

You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. 

[Field Marshal Dr. Opti]

We keep a few grand in ISAs as an emergency fund instant access if we need it,  the rest is all in premium bonds had them since 2021 and no word of a lie we've won a few quid every month since we've had them,  don't know anything about stocks & shares and certainly at this stage in our lives don't see the point.

You don't need to know anything about stocks and shares, Mick. You just hand over your dosh to a fund manager and they invest it for you, according to chosen risk level. Then they take a cut every year now matter how the fund performs. 

Yep...as I found out with an endowment mortgage many moons ago.

There was no way the policy was going to make the required amount, but the fund manager (probably aged about 22)took a big slice regardless.