MAIL ONLINE: Around 700,000 people turning 65 next year will be hit the hardest / The tax will take £3.5billion from more than 4.4million pensioners / Senior Tories say the move is the Chancellor's biggest blunder
The full extent of George Osborne’s stealth tax raid on pensioners was laid bare yesterday.
Around 700,000 people turning 65 next year will be hit the hardest – losing £323 annually with the end of age-related income allowances.
In all, the ‘granny tax’ will take £3.5billion from the pockets of more than 4.4million pensioners. Senior Tories have denounced it privately as the Chancellor’s biggest blunder.
The new rules are so arbitrary that some OAPs will lose far more than others born a day before them.
Ros Altmann of Saga said: ‘Middle-class pensioners are outraged. My inbox is full of angry emails from those who did save for their future but are now hit.
‘The message of this Budget is, don’t bother to save for the future and if you’re too old to work any more you don’t count.’ Read on and comment » | Tim Shipman and James Coney | Friday, March 23, 2012
