Over half a million more retired people could be dragged into the “tax net” next year, according to a former Liberal Democrat pensions minister.
Sir Steve Webb, who is now a partner at pensions specialists LCP (Lane Clark & Peacock), said frozen income tax thresholds, combined with pension increases next year, may potentially pull at least another half a million pensioners into the income tax net.
LCP looked at HM Revenue and Customs (HMRC) figures to make the estimates.
