Life for pensioners could be about to get easier

by admin on September 1st, 2011

Proposals announced to unravel a raft of complicated tax laws

Life could be about to get easier for the retired. The Office of Tax Simplification (OTS) will turn its attention to pensioners in an attempt to unravel a raft of complicated tax laws relating to them.

The OTS, set up by Chancellor George Osborne in 2010, will draw up a list of proposals in time for next year’s Budget aimed at easing the plight of more than 5 million pensioners who struggle to deal with their tax affairs. In particular, it is keen to address the tax problems faced by those who draw a low income from multiple sources.

In a letter to the Treasury, the Rt Hon Michael Jack, Chairman of the Office of Tax Simplification, said: ‘For the estimated 5.6 million people of pensionable age paying tax, this area is widely acknowledged as causing too many problems for a group, some of whom are the least able to cope with them.’

He added: ‘The OTS will be looking for ways in which pensioners’ tax affairs can be dealt with in a much more straightforward way.’

From → Financial News

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