Coventry Building Society issues warning for customers who are state pensioners - Birmingham Live

Contributing sentiments towards policy:

51% : " John Clamp, a chartered financial planner at Bowmore, noted that threshold freezes constitute "annual tax rises without many taxpayers even realising.
49% : The building society has warned retirees could end up "paying more" to HMRC amid reports Rachel Reeves will raise £7.5bn from millions of workers by freezing tax thresholds at the budget.
48% : "With income tax thresholds frozen, many more people were already in line to be higher rate taxpayers next year.
47% : Dropping the threshold further will mean millions more will start paying tax at 40 per cent.
42% : He explained: "Our members, particularly those who are retired and on fixed incomes, will be relieved if income tax rates are not increased later this month. READ MORE Price hike for 'crucial' document all UK households need "But if income tax thresholds are frozen for longer and Cash ISA allowances are reduced, many could end up paying more income tax anyway, including on their cash savings.
42% : " Helen Miller, the director of the Institute for Fiscal Studies (IFS), expressed concern that abandoning direct income tax rate increases could prompt the Chancellor to pursue alternative revenue sources/ Ms Miller warned the markets might interpret such reluctance to implement politically challenging measures as weakness.

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