On the BBC Radio 4’s Today programme on July 8, the Chancellor Rishi Sunak when questioned about the potential increase of an eight per cent in the state pension, said that “any decision would be based on fairness for pensioners and fairness for taxpayers”.
I would gently remind the Chancellor that pensioners are also taxpayers. Those pensioners who have provided for themselves by investing in a private pension pay tax, at the standard rate, on any income above their personal tax allowance.
Those pensioners who, through circumstances or choice, have not made any extra provision for themselves pay VAT on their expenditure. Arguably at a greater percentage of their income than higher income groups.
Think hard Chancellor.
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