Martin Lewis shares personal tax allowance update for pensioners View 2 Images

Martin Lewis has addressed concerns that individuals might face tax implications on their state pension next year. The money-saving expert revealed that a number of people had contacted him, expressing worries about potentially losing a portion of their pensions to increased taxation.

He explained that the issue stems from the personal tax allowance threshold, which was frozen in 2021 by the Conservatives at £12,570. Chancellor Rachel Reeves has previously indicated that this freeze will continue until 2028.

Nevertheless, given the current debt crisis gripping the country, some experts have suggested it may be prolonged even further.

Mr Lewis clarified that the 'fiscal drag' caused by the freeze means

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