IFS: Pensioners 'least affected' by tax changes

Despite the row over "granny tax", the Institute for Fiscal Studies said that pensioners were the least affected by coalition changes to tax and benefits. Households with children hit worst.

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Budget: Tax cuts for families and businesses

Chancellor George Osborne has raised income tax allowance to £9,205 from £8,105 from next year in his Budget speech and has cut corporation tax by an extra penny.