Daz57
I am scared not least as he is going to tax pensioners hard. According to his advisers.
Some fear -mongering here. I found a useful article on "Moneyweek" you might like to read.
I've just quoted the bit that is relevant to those on lower incomes, ie not paying any tax on pensions atm as income falls under the basic rate where paying tax starts.
moneyweek.com/economy/general-election/will-labour-introduce-a-retirement-tax
"The Labour party have already committed to the state pension triple lock, as have the Conservatives.
So, pensioners have some certainty that their state pension will increase each April in line with inflation, average earnings or 2.5%, whichever is highest.
What the Tories are referring to when they say “retirement tax” is the fact the state pension will soon rise above the tax-free personal allowance.
The full new state pension is currently worth £11,502 a year. The personal allowance is £12,570. There are no plans to increase the personal allowance, but thanks to the triple lock, the state pension will rise each year by at least 2.5%.
The state pension is likely to breach the personal allowance by 2027-28, meaning retirees will have to pay income tax on part of their state pension.
The Conservatives have announced “triple lock plus” to get around this problem. If the party wins the election, they say they would introduce a new personal allowance for pensioners, which would rise in line with the triple lock - therefore keeping pace with the state pension and reducing the risk of pensioners being taxed.
Labour have not committed to such a policy in advance. Last month, Starmer described the move as “desperate”, adding that it would leave a “Corbyn-style” black hole in the public finances.
Helen Morrissey, head of retirement analysis at the wealth manager Hargreaves Lansdown, tells MoneyWeek that
*it’s unfair to say that Labour would introduce a retirement tax if they win the election”.
She adds: “The Conservatives have upped the ante with the triple lock plus but it is a controversial policy which is seen as intergenerationally unfair and Labour have refused to match it on cost grounds*
Labour could in a budget raise the threshold slightly and those on State Pensions would still not pay tax.
(there is more in the article about people on higher incomes, and labour isnt changing conservative budget rules made earlier this year.)