The number of people over 65 who pay income tax has risen from 7.73million to 8.5million.
Some 12.6million older people could be set for a bumper State Pension pay rise next April under the Triple Lock policy, however, while an increase of 8.5 per cent would undoubtedly help more older people combat the cost of living crisis, it will also push an estimated half a million retirees nearer the personal tax allowance annual limit of £12,570.
Under the Triple Lock policy, the State Pension increases each year in line with whichever is the highest between average annual earnings growth from May to July , CPI inflation in the year to September or 2.5 per cent. Commenting on the wages growth figures used as part of the Triple Lock, Sir Steve Webb, a former pensions minister who is now a partner at LCP , said: “The figures for earnings growth are likely to mean a second successive significant cash increase in the value of the State Pension, following on from this year’s 10.1 per cent increase.
Between 2022/23 and 2023/24, HM Revenue and Customs figures suggest that the number of those aged 65-plus who pay income tax rose by roughly three-quarters of a million, from 7.73 million to 8.5 million, off the back of the April 2023 state pension increase, according to LCP.
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