The question following the Tory proposals to offer a £2.4bn a year tax break to prevent more pensioners being dragged into paying income tax is where were these plans before.
Rishi Sunak promised to increase the income tax personal allowance for pensioners, giving them a tax cut worth around £95 in 2025-26, rising to £275 in 2029-30. The fact that they’ve come in the white heat of an election campaign while the Tories are behind in the polls, suggests that this is simply a roll of the dice by the PM to save his party from electoral oblivion.
So why hasn’t the Tory party been taking action on tax avoidance before? Why have pensioners had to put up with anxiety over finances in later life? And there will be some pensioners who will point to the fact that they don’t need the extra cash and that they would rather the £2.4bn put towards dealing with the crisis in health and social care.
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