Today I listened to lots of residents that are happy that the prime minister and chancellor are cutting taxes for retired pensioners.
The Prime Minister has announced a new Triple Lock Plus which will cut income tax for pensioners from next year and make sure the state pension is always below their tax free threshold. This will ensure dignity and financial security in retirement.
That is why, from next April we will increase the personal allowance for pensioners in line with the Triple Lock by introducing a new age-related allowance – a tax cut of around £100 for 8 million pensioners. And we will guarantee in legislation that the pensioners’ personal allowance will rise in line with the highest of earnings, prices or 2.5 per cent so that it is higher than the State Pension in each year of the next Parliament: the new Triple Lock Plus. We are doing this because it is a core Conservative value that those who have worked hard during their lives should have dignity and security in retirement.
If you are a pensioner, I would like to hear from you. Please contact my office.
Sidney Yankson
