Record Number of Pensioners Paying Income Tax Under Conservative Government

HMRC data reveals a 42% increase in taxpaying pensioners since 2010, with fiscal policies dragging millions into higher tax brackets.

8.5 million pensioners are expected to pay income tax in 2024-25, up by 660,000 from the previous year.
Fiscal drag and frozen tax thresholds have significantly increased the number of higher and additional rate taxpayers.
Savings and dividend taxes have surged, impacting millions of savers and investors.
Both major parties plan to maintain the freeze on tax thresholds if they win the upcoming election.
The Conservative Party proposes a 'triple lock plus' to adjust pensioners' personal allowance in line with state pension increases.