The government has come under fire for plans announced in the Budget to change tax allowances for pensioners, as stakeholders begin digesting the Chancellor's measures.
George Osborne is to freeze tax allowances for anyone over the age of 65 earning at least £10,500 a year, and scrap the relief entirely for those retiring from next April.
The Chancellor said the move would simplify a "complicated" system and, by freezing the allowance at 2012/13 levels, would not leave pensioners worse off in cash terms. It is expected to save £1bn a year by 2015.
He also said the measure is being introduced alongside an increase of £1,100 in the personal allowance.
But Labour said it was a hidden tax rise which would affect millions, as the allowances would not be increased in line with inflation.
This, it estimated, would leave more than 4.4 million people worse off by an average of £83 a year in 2013/14. People due to turn 65 after 5 April 2013 could lose up to £322 annually, the party added.
Shadow business secretary Chuka Umunna told the BBC: "Why on earth do this to pensioners and families in this country?
"At the end of the day, they are people who have contributed into the system during their working lives and will say, 'Hang on a minute, I have worked hard, played by the rules, brought up a family and now you are taking this money away from me.'"
For an at-a-glance roundup of all the Budget measures, click HERE.
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