Tax position of retirement calculator users must be protected, says LITRG

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Tax position of retirement calculator users must be protected, says LITRG

Pensioners and those saving for retirement must have their financial benefits protected, according to the Low Incomes Tax Reform Group (LITRG).

The organisation suggested the best way for a comprehensive policy to be formulated is to have an open debate about how the system treats such individuals.

Chairman of the LITRG John Andrews claimed the coalition government's plans to raise the basic personal allowance to £10,000 are likely to be negative for pensioners.

He said: "There is no getting away from the fact that the differential tax advantage of being a pensioner has narrowed and will continue to narrow every year of this parliament."

Mr Andrews noted that the government may currently be working on a separate tax policy for pensioners, but if it is not, then he called for politicians to begin the process.

The LITRG recently highlighted how difficult it is for people to know how many credits they are entitled to in the current benefits system.

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