Up until lunchtime last Wednesday the term “Granny Tax” had rarely if ever been used, now everyone seems to have an opinion about it. “Granny Tax” was quickly trending on Twitter and with headlines like “Pensioners robbed”, “The great granny tax grab” and “Robbed”, there was no doubt what the newspapers thought.
But what is the “Granny Tax”? How will it affect you? How much will it cost you?
Read on to answer all these questions and more.
What has changed?
The changes were made to the age related Personal Allowance, which is the amount an individual can earn before paying tax....