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Paying Tax

(7 Posts)
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Slimswim Fri 01-May-26 18:53:15

I had a shock this morning when I checked online my bank and found that I was £70 down on my NHS Pension. I received my P60 in the post a few hours later and found out the reason why. Because my state pension has gone up along with everyone else’s I now have to pay tax. Okay, I should have known that this would happen but when I received the letter telling me if the increase it would have helped if I had been told that this increase might make me liable to pay tax. I’m lucky as I can rob Peter to pay Paul but many would have been put into difficulties. Perhaps it’s time the government were more transparent.

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Ilovecheese Fri 01-May-26 18:56:37

Your total income will still have increased though.

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Charleygirl5 Fri 01-May-26 18:57:45

Slimswim welcome to the Rich Pensioners Club. Rachel's idea of rich is retired and not on benefits. Soon we will be handing over our pensions and receiving pocket money.

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watermeadow Fri 01-May-26 19:15:04

It was several months before I found that my work pension had become liable for tax. We should be informed before it even starts.
What is the point of giving us a State Pension increase then taking it back in tax?

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Casdon Fri 01-May-26 19:16:59

Ever since the personal allowance was frozen in 2021, more people are being drawn into the tax system every year because the state pension and their private pension increases but the personal allowance doesn’t.

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Calendargirl Fri 01-May-26 19:25:38

Casdon

Ever since the personal allowance was frozen in 2021, more people are being drawn into the tax system every year because the state pension and their private pension increases but the personal allowance doesn’t.

This, exactly.

If it’s income, you’re taxed on it.

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ferry23 Fri 01-May-26 19:40:28

I get a really old outdated pension payment of something like £14.11 a month. Hardly life changing but as my son says, better than a smack in the face with a wet mackerel.

This month it was £9 something.

That £60 a year I've now lost is a week's shopping for me.

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