Retired households hand over £7,400 to the taxman
In further evidence that pensioners are seeing their incomes rise, those in retirement have seen their annual tax bill grow by 5.7% to an average £7,410 (2015-16 tax year)1. Nearly 30% of pensioner household income was taken up with paying the taxman, and this figure includes income tax, council tax, VAT, insurance premium tax and…