An additional 420,000 pensioners will pay income tax this financial year, bringing the total to 8.7 million, as the combination of rising state pensions and a frozen personal allowance continues to widen the tax net. Figures from HM Revenue & Customs reveal that retirees are increasingly falling victim to so-called “fiscal drag”, with income tax thresholds frozen since 2021 despite annual increases in the state pension. The personal allowance — the amount a person can...