Pensioners won't benefit from the Chancellor's tax cuts as they don't pay National Insurance and they're being affected by sneaky tax raids on income tax
Pensioners are being warned they could be £1,000 worst off because of a 'tax bombshell' that was hidden in this week's Budget.
Income tax thresholds have been frozen since 2021, dragging more people into higher tax brackets because of inflation. Older people must still pay tax on any income over the personal allowance, including pensions. Sarah Olney, the Liberal Democrat Treasury spokesperson, criticised: "Buried in the small print of this Budget is a disgraceful £8 billion pensioner tax bombshell. People who have worked hard and done the right thing all their lives are being hammered by Jeremy Hunt with years of unfair tax hikes, leaving them an average of £1,000 worse off each."
Mr Hunt stated that public service spending will increase in real terms by 1% overall. This could mean harsh cuts to public services outside of health, defence and education.
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