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.
Image: James Doran
— John Prescott (@johnprescott) March 21, 2012
3bn tax raid on pensioners #grannytax and a 40k tax cut for 14000 millionaires – same old Tories. They should be ashamed.
— Emma Reynolds (@EmmaReynoldsMP) March 21, 2012
Although of course there’s two sides to every story…
What is wrong with the #GrannyTax? Baby-boomers have given us the vast majority of National Debt and welfare costs…
— RtHonJon (@RtHonJon) March 21, 2012