UK pensioners average £3,500 income tax a year, FOI request reveals

‘Generation still taxed’

Julian Marr
clock • 2 min read

Britain's almost seven million taxpaying pensioners foot an average tax bill of £3,500 a year, analysis of a reply to a freedom of information (FOI) request by Royal London has revealed.

The insurer used the Freedom of Information Act to obtain a detailed breakdown of pensioner taxpayers across the UK, with the data covering every local authority in the UK. The data relates to the 6.87m taxpayers over state pension age in 2015/16 - the latest year for which detailed figures are available - and includes around 400,000 women over state pension age but under the age of 65. It showed: * Among those 6.87m taxpaying pensioners, the average annual tax bill was £3,522. For the 3.87 million men, the average bill was £4,341 while, for the three million women, the average was £2,46...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Advisers revisit processes after FCA's retirement income review

Advisers revisit processes after FCA's retirement income review

Thematic Review of Retirement Income Advice released in March

Jenna Brown
clock 16 September 2024 • 2 min read
Two firms declared in default by FSCS over pensions advice

Two firms declared in default by FSCS over pensions advice

Both Oakwood Financial Management and GO IFA are no longer trading

Isabel Baxter
clock 11 April 2024 • 1 min read
FCA lays out 2024/25 fees/levies proposals; £755m planned spend

FCA lays out 2024/25 fees/levies proposals; £755m planned spend

‘We recognise that firms continue to face inflationary pressures’

Hope Coumbe
clock 09 April 2024 • 4 min read