If re-elected, the Conservatives have pledged to introduce a “triple lock plus” that the party says would pull “millions” of pensioners out of paying tax. Their plan would ensure that pensioners’ tax-free personal allowance rises each year in line with the state pension.
This is something of a policy U-turn. It is just 14 years since the coalition government started to phase out higher personal allowances for older people, who used to be entitled to a greater income than under-65s before being liable for tax. It was a task that took until 2016 to complete and was generally welcomed as a simplification of the tax system.
