Older Britons now pay more income tax than youths

New data from HM Revenue and Customs shows a significant shift in income tax contributions since the pandemic. In the 2022-23 financial year, over 5.4 million Britons aged 70 and older paid income tax, surpassing the 5.23 million taxpayers under 30. People over 70 contributed £19.1 billion in income tax, while those under 30 paid £18.3 billion. This contrasts with pre-pandemic figures, where more young people were taxpayers. The increase in tax payments among older individuals is partly due to the triple lock on pensions. Youth unemployment has risen, with over 3 million young people aged 16 to 24 classified as economically inactive. The income tax thresholds have been frozen since 2021, contributing to the growing number of higher-rate and top-rate taxpayers.