IFS: Worst case scenario on 'granny tax'

The Institute for Fiscal Studies said the worst case of "granny tax" is someone turning 65 in 2013/14 with income between £10,820 to £26,000 would lose £323 that year.

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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.