The good: UK's Budget 2012: 'Granny tax' hits five million pensioners

George Osborne has insisted that pensioners will be better off as he faced a mounting backlash over his £3 billion “stealth” raid on middle-class pensioners.

Under the policy, those who have already retired will see their tax-free allowance frozen at £10,500, or £10,650 for the over-75s, while workers retiring in future will only benefit from the same tax-free allowance as everyone else.

Mr Osborne described the removal of the tax break as a “simplification” that would be welcomed by pensioners who would not have to fill out tax forms. Many pensioners do not claim the extra relief.

The tax-free allowance is to increase for all taxpayers next year to £9,205, and ministers were thought to have concluded that an additional allowance for pensioners was no longer justifiable. Treasury aides admitted, however, that the decision was “controversial”.

http://www.telegraph.co.uk/finance/budget/9159753/Budget-2012-George-Osborne-faces-mounting-backlash-over-granny-tax.html

The good: UK's Budget 2012: 'Granny tax' hits five million pensioners

The good: UK's Budget 2012: 'Granny tax' hits five million pensioners

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