HMRC writing to 1.1 million state pensioners who've broken rule for first time - Birmingham Live

Contributing sentiments towards policy:

57% : More than 1.1 million people over Department for Work and Pensions or DWP state pension age face being hit with income tax on savings accounts.
56% : "Unfortunately, that appears to be leading to a large number of pensioners suffering a tax bill on their cash savings, with increasing numbers being dragged into higher tax bands too." She said: "You'll pay income tax on withdrawals above your tax-free cash allowance and, once it's outside a pension, you may be subject to capital gains or dividend tax if you invest it elsewhere.
49% : AJ Bell said those over state pension age account for nearly half of the 2,640,000 taxpayers expected to pay income tax on cash savings interest earned in the current financial year. READ MORE 1.6 million drivers handed £160 fine 'after wanting to follow rules' Charlene Young, senior pensions and savings expert at AJ Bell, said: "Most people have a personal savings allowance - £500 or £1,000 for higher and basic rate taxpayers respectively - which offers some protection from the taxman's clutches.

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