Please read on...
Signature total on 4th November 2012:
70.890
6th April 2013
Is 'D Day' for Tax Paying Pensioners!
Are you aware that if you are currently a tax paying pensioner then from
6th April 2013 you will pay around £83 a year more in additional tax than
you normally would have done during the next financial year? This is
because George Osborne has decided NOT to increase the Elderly
Personal Allowance in line with inflation from £10,500 to £10,820.
Are you also aware that if you are a brand new tax paying pensioner
aged 65 in April 2013 that you will pay around an extra £323 more in tax
than you normally would have done during the next financial year? This
is because your tax allowance will go DOWN from the present £10,500 to
£9,205 instead of going UP to £10,820 as it usually would have.
The above information can be verified by going to the Government's
Institute for Fiscal Studies website which will explain exactly how this is
all worked out. My figures and information are taken from the below
website and any argument in respect of the extra tax amounts involved
should be directed towards the Treasury Committee at the Houses of
Parliament.
Supplementary written evidence submitted by the Institute for
Fiscal Studies: Fiscal Studies Report
Maximum first-year loss from Budget reforms to age-related tax
allowances:
The biggest cash losers when this policy is implemented in 2013-14 will
be those who turn 65 during 2013-14 with an annual taxable
income between £10,820 and £26,200. (£10,820 is what the
allowance for those aged 65 to 74 would have been in 2013-14
without any policy change, given default indexation and the
OBR’s inflation forecasts. £26,200 is the amount above which
the age related allowance will be tapered away in 2013-14 until
it is no higher than the allowance for under 65s, given default
indexation and the OBR’s inflation forecasts.)
This letter was recently published in the Daily Express for Edward Robertson, The Wirral, Cheshire:
I am one of many pensioners who is going to lose out next April, because of so-called 'simplification' of tax allowances announced in the last budget. If the Chancellor is only interested in simplifying, he would have started with the fiendishly complicated benefits system. That system has hardly been touched. This is not about simplification at all; it is about taking more money. The Government will say that no pensioner loses out financially, yet the Department of Revenue & Customs has worked out that there will be losses from £83 to £323 a year for each affected individual. And it is forecast to produce around £4 billion in extra revenue for the chancellorby 2014.
This country does not value its pensioners and other countries, such as Canada treat them much better. Pensioners in the UK are being hit to make up for the failure of the banks, their treatment at the hands of this Chancellor is truly shameful.
This country does not value its pensioners and other countries, such as Canada treat them much better. Pensioners in the UK are being hit to make up for the failure of the banks, their treatment at the hands of this Chancellor is truly shameful.
