Osborne’s ‘granny tax’ will sting those on a personal pension of just £67 a week

Social Justice

George Osborne’s ‘granny tax’ will hit new pensioners on a personal or occupational pension of just £67 a week, new research reveals today.

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George Osborne’s ‘granny tax’ will hit new pensioners on a personal or occupational pension of just £67 a week, new research reveals today.

Boris-Johnson-meets-pensionersThe House of Commons Library (pdf) have calculated that, in order to be adversely affected by the changes to age related allowances announced in the budget (pdf):

• Those turning 65 after 5 April 2013 would need minimum additional taxable income of approximately £3,472 – £67 a week;

• People aged 65-74 on 5 April 2013 would need minimum additional taxable income of approximately £4,767 – £92 a week;

• People aged 75+ on 5 April 2013 would need minimum additional taxable income of approximately £4,927 – £95 a week.

The findings come ahead of a vote on the ‘granny tax’ in Parliament later today, with Labour putting pressure on Conservative and Liberal Democrat backbenchers to rebel. Last night, the government suffered reduced majorities in divisions on the ‘caravan tax’, ‘pasty tax’ and ‘church tax’.

 

See also:

• Government gold-plates private pensions while cutting public ones 27 Jan 2012

• Raising the pension age will be a public health disaster 18 Dec 2011

• New survey shows public more willing to take action over pensions 21 Nov 2011

• More evidence Osborne’s attack on public sector pensions will hit women hardest 21 Nov 2011

• Enough is Enough: Why young people deserve a decent pension 11 Nov 2011

 

This morning, turning up the heat on the coalition over the tax, Richard Wilson, Joan Bakewell, Prunella Scales and Larry Lamb wrote an open letter to The Sun urging a rethink, while Labour’s London Mayoral candidate Ken Livingstone has written a letter (pdf) to every London MP calling on them to vote against.

 

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30 Responses to “Osborne’s ‘granny tax’ will sting those on a personal pension of just £67 a week”

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