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Interest And Pensions (Taxation)

Volume 19: debated on Friday 12 March 1982

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asked the Chancellor of the Exchequer if he will take steps to reduce the burden of taxation on the savings of pensioners of modest means, particularly in regard to the taxation of interest and pensions.

[pursuant to his reply, 9 March 1982, c. 377.]: Pensioners will benefit from the increases in personal tax thresholds proposed in my right hon. and learned Friend's Budget Statement, and it is estimated that 150,000 fewer pensioners will pay income tax in 1982–83 than in 1981–82. Single and married pensioners over 65 will be able to have incomes of up to £9·02 and £.14·12 per week respectively in addition to basic pension before being liable to any income tax at all in 1982–83. These figures represent increases of £2·06 and £3·31 respectively on the 1981–82 figures.