Osborne’s tax raid

Chancellor George Osborne promises “no giveaways, no gimmicks” in this week’s Budget – but reveals there will be a further relaxation of pension rules. Call me a cynic, but pensioners take the most trouble to go out and vote, so is this a wee teaser?

The relaxation Mr Osborne speaks about is for those who have already tied up their monies and bought annuities, allowing them to reverse their annuity and releasing their cash. But what is the catch and what is behind this announcement? It is called taxation and the £1 billion the Chancellor is hoping to raise from those very lump sums by 2018-19. Yet another tax raid on pensions.


Hawthorn Drive

Banknock, Falkirk

It IS falsely hoped the Chancellor in his Budget will announce some relaxation in the oil taxation regime and give a boost to the industry, but this will be too little too late: with oil down to $50 per barrel, taxation is almost irrelevant. Most fields in the North Sea are currently operating at costs of $60-$80 per barrel, therefore it doesn’t take a financial wizard to calculate this is a situation that cannot be sustained.


Mugiemoss Road