Young UK Taxpayers Told to Keep Paying For Life

May 5, 2017 Taxation in UK

Taxes for young peopleLONDON – Young taxpayers in the UK may be told that they will be paying taxes past retirement, a pain that older taxpayers would be spared.

A leading economist in the UK has suggested that National Insurance Contributions should be paid by taxpayers even after retirement.

The economist, Sir Andrew Dilnot, said that it is “perfectly plausible” that workers would be required to pay the NIC in order to help fund social insurance systems or social care.

He added that a decision about such a possibility should be taken by Ministers no later than November this year.

Sir Andrew Dilnot added that the NIC should not be charged at its full rate on any individuals who have already reached retirement age, as “…that’s wasn’t the deal they signed up to.”

However, despite suggesting that those who are retired should enjoy a comparative tax benefit, he did also say that the government should notice dismiss withdrawing some of the perks already being offered to pensioners, such as winter fuel allowances.