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The Good Retirement Guide 2013, 27th Edition by Frances Kay

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Chapter Four

Tax

I’m spending a year dead, for tax reasons. DOUGLAS ADAMS

The Chancellor of the Exchequer’s closing words in his March 2012 Budget Speech were: ‘This country borrowed its way into trouble. Now we’re going to earn our way out.’ For millions of UK pensioners, one of the changes George Osborne made ended a century-old tax break (introduced by Winston Churchill in 1925) and launched a £3 billion ‘granny tax’ raid on their finances. The news made national headlines for weeks afterwards, and is still the subject of fierce debate. So is this the worst time ever to be a pensioner? The media seem to think so. Abolishing age-related tax allowances completely from April 2013 may be intended to simplify the system, but it has been slammed ...

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