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Pensions and Tax

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bernyverse | 19:32 Sat 13th Oct 2007 | Business & Finance
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As a pensioner with a state pension and a modest professional pension, will I be better off or worse off after the tax changes in April 2008?
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Avatar Image PrinceRainie
Assuming that your income is in excess of your basic rate tax allowance, then you will be slightly worse off as the 10% lower rate will be scrapped from april of next year...therefore, your 20% (was 22%) basic rate tax will kick in earlier!! therefore slightly more tax.
21:23 Sat 13th Oct 2007
Avatar Image hev
It does depend on your level of income. I work in the tax office and we worked out roughly what this change would mean if you are on about �15000 or under then you will be slightly worse off because of the 10% tax band being abolished.
09:48 Sun 04th Nov 2007

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