The Chancellor John Healey will set out in next month’s Budget how retirees solely dependent on the state pension will be exempt from paying income tax, a minister has said. Torsten Bell, the pensions minister, reconfirmed that pensioners wholly reliant on the state pension “will not have the administrative burden of paying small amounts of tax in this Parliament”. Earnings figures published on Tuesday revealed that the state pension is set to climb to more than £13,000 a year, putting it above the income tax personal allowance of £12,570 for the first time. Figures from the Office for National Statistics […]