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Profit, employment and pension income / earned income. Earned income consists of income chargeable under the Income Tax (Earnings and Pensions) Act 2003, such as pay, private and occupational pensions, retirement annuities, state retirement pensions and taxable social security income.
That wasn't fair to them.. The new law did not automatically eliminate the pension income exemption for all seniors. Rather, it was tiered, meaning there was no change -- and no tax -- for pensioners born before 1946. The law allows retirees born before 1952 to exempt the first $20,000 (individual) or $40,000 (joint) of their pension or other retirement income, and all other retirees can do the same once they turn 67.