ChatterBank1 min ago
The Budget - for over 65s
Historically, at Budget time, the Chancellor has given in one hand and taken away more from the other. Nothing new in George Osborne's budget except for where it concerns the over 65s. For that portion of the population it's been all take away.
Under 65s have had their tax free allowances increased by £1000. Over 65s no increase in allowances. OK, so the over 65s get a higher personal allowance but that has now been eroded. Besides the extra allowances are cancelled out by receipt of the State Pension.
Asked about this on BBC Breakfast this morning, Iain Duncan Smith - Minister for Works & Pensions, his reply was that were looking at the easing the burden on the lower paid. "The lower paid"? do they assume all the over 65s are amongst the nations high earners? He added, we looked at the poorer people first.
Public Sector workers earning less than £21K/yr were given £250/year for two years + an extra £1000 allowances. How many of the nations over 65s have an annual income exceeding £21K.
All the over 65s will be getting is higher VAT, possibly higher CGT and the promise that pensions will be linked to earnings from April 2011. Given the state of the Nation's finances it could be some time before earnings rise more than 2.5%/yr, the minimum amount pensions are increased by.
Over 65? Write to your MP and complain.
Under 65s have had their tax free allowances increased by £1000. Over 65s no increase in allowances. OK, so the over 65s get a higher personal allowance but that has now been eroded. Besides the extra allowances are cancelled out by receipt of the State Pension.
Asked about this on BBC Breakfast this morning, Iain Duncan Smith - Minister for Works & Pensions, his reply was that were looking at the easing the burden on the lower paid. "The lower paid"? do they assume all the over 65s are amongst the nations high earners? He added, we looked at the poorer people first.
Public Sector workers earning less than £21K/yr were given £250/year for two years + an extra £1000 allowances. How many of the nations over 65s have an annual income exceeding £21K.
All the over 65s will be getting is higher VAT, possibly higher CGT and the promise that pensions will be linked to earnings from April 2011. Given the state of the Nation's finances it could be some time before earnings rise more than 2.5%/yr, the minimum amount pensions are increased by.
Over 65? Write to your MP and complain.
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Believe me it's true:-
https://nds.coi.gov.u...ID=413994&SubjectId=2
Scroll down to "PERSONAL TAX AND BENEFITS" it specifically says "under 65s" It has also been confirmed in the press and by Iain Duncan Smith on TV this morning.
https://nds.coi.gov.u...ID=413994&SubjectId=2
Scroll down to "PERSONAL TAX AND BENEFITS" it specifically says "under 65s" It has also been confirmed in the press and by Iain Duncan Smith on TV this morning.
is this not the £1000 allowance that labour brought in , don't forget the lower paid will pay more in tax
http://www.hmrc.gov.uk/rates/it.htm
http://www.hmrc.gov.uk/rates/it.htm
this is another one for next year , sorry
The tax-free personal allowance on income tax will be increased by £1,000 in April next year, chancellor George Osborne has announced in his emergency Budget.
Mr Osborne told the House of Commons the increase will give 23 million people up to an extra £170 per year, taking 880,000 out of the tax system altogether.
Next year's rise will take the tax allowance up from £6,475 to £7,475.
Mr Osborne said the government was committed to eventually rising the allowance to £10,000 - a key part of the Liberal Democrat election manifesto.
The tax-free personal allowance on income tax will be increased by £1,000 in April next year, chancellor George Osborne has announced in his emergency Budget.
Mr Osborne told the House of Commons the increase will give 23 million people up to an extra £170 per year, taking 880,000 out of the tax system altogether.
Next year's rise will take the tax allowance up from £6,475 to £7,475.
Mr Osborne said the government was committed to eventually rising the allowance to £10,000 - a key part of the Liberal Democrat election manifesto.
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