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Chancellor George Osborne's budget announcement today was always going to hit the headlines. But reactions to the so-called Granny Tax have been swift and vitriolic today.

Four million pensioners will be £83 worse off a year under new budget plans to remove £3 billion out of income tax allowances for older people.

It's also estimated that 360,000 people in the UK aged 65 will lose out on £285 a year under new measures.

Currently people over the age of 65 do not pay income tax on pensions and earnings up to value of £10,500 - but this is set to change in as budget restructuring takes place.

The hashtag #grannytax has been widely used, as well as #giveitbackdave as opponents to the plan voice their opinions on Twitter.

Image: James Doran


 
 


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Granny tax - George Osborne's plan to squeeze £1 billion out of pensioners by 2015/16 causes Twitter storm
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