You are here: General Election 2015Has the budget helped you?

Has the budget helped you?

Mar 19, 2015
By Sally - Silversurfer's Editor

The Chancellor George Osborne announced his new budget yesterday with some benefits for the over 50s, who all the political parties know are the largest, key section of the population they need to appease. Our age group also tend to have a higher turnout to vote than other segments of the population.

George Osborne announced than following main benefits for the over 50s:

Basic-rate taxpayers will receive the first £1,000 of savings interest tax free, while higher rate taxpayers will receive the first £500 tax free.
New flexibility in the Isa rules – you will be able to withdraw money from your Isa and replace it within the tax year without losing any of the tax-free allowance.
The ability sell an existing annuity to a third party
The personal allowance – will rise to £10,800 in 2016/17 and £11,000 in 2017/18 and the transferable allowance for married couples and civil partners will be £1,100 from April 6.

What are your views? How has the budget helped you? What else would you have liked the Chancellor to have done in the budget to help the over 50s financially?

Has the budget helped you?

427 people have already voted, what's your opinion? Yes No

What are your views?

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Chrisie

29th Mar 2015

Thanks for voting!

I wonder how many people like myself that aren't helped ,I am 55 ,have been divorced for 2 years and hold down a part time job ,I earn the basic wage and bring home £409 per month ,I live in a council flat so percentage of my rent and council tax are paid, I get a letter from inland revenue each year to tell me I haven't paid enough of something to get full pension when I retire but if I'd like to send some sum in the region of £2-£300 I would then qualify for full pension. I DON'T have enough money to get through the month and have to run a little basic car as my arthritis makes it difficult to walk too far particularly to work but it's not bad enough to be able to be stop working ,I live hand to mouth and many times go without meals so HOW am I supposed to find the required amount to be assured of enough to live on when I DO retire ? I tried getting out of this situation and managed to get another part time job earning another £60 a week but after 4 weeks had to give it up as it put me in a different pay bracket and the council took all the extra I had earned and a bit more besides ! I have a friend who is an accountant and he said that there IS this trap that makes it impossible to get out of !!

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SovereignInventory

15th Apr 2015

Thanks for voting!

@Chrisie

Chrisie, I know it is of no real solace to you, but there are thousands (if not millions) who are in a similar situation to you and there are a lot of younger people as well. Unfortunately the current Government are not interested at all, and do not appear to believe that there are a vast amount of people who are struggling in this country and that this austerity package is working. You have a job and run a car so you will be seen as a 'success' within the narrow confines of the Government's outlook. I sincerely hope things turn around for you (and the millions still struggling).

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nagonthenet

20th Mar 2015

Thanks for voting!

The budget has helped us very very minimally according to one of these on line ready reckoners so remains to be seen when I do my tax return next year.

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HJR58

20th Mar 2015

Thanks for voting!

I'm semi retired, still work two days per week. The budget should mean more tax free allowance now, and on my occupational pension when I fully retire. I also have a small annuity pot that next year I can take out and clear the small amount left of our mortgage. Hopefully fully retire then!

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Archiebald

19th Mar 2015

Thanks for voting!

I am not sure really to be honest. I don't have much savings but guess the new tax free allowance will help me. The duty on alcohol etc is always so small..a penny here or there they may as well not bother. All I care about is the economy actually looks stable and according to all the polls UK Ltd seems to be a lot stronger than most other leading countries in Europe at least.

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