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UK pensioners missing out on tax breaks

Official data from the National Audit Office has revealed that 3.2 million pensioners in the UK are failing to take up their full tax allowances, 2.4 million are paying too much tax on their savings and more and more pensioners in the UK are frightened to ask for help. In a sign of the times it seems as though the ever more complicated UK tax system is causing more problems amongst pensioners in the UK and seeing the UK government receiving on average an extra £171 a year in overpayments per person from this particular group of society.

At a time when the UK pension is under the spotlight again, with the government introducing measly increases over the last few years, there needs to be some kind of review of tax for those in retirement to ensure the hundreds of millions of pounds the UK government receives in over payments are returned to their rightful owners.

As we approach the next general election it is almost inevitable that the "grey vote" will be on the radar of the UK government and other political parties, even though between elections pensioners appear to be ignored by the government of the day. With more and more pensioners now falling into the fuel poverty gap, the need to address this issue as soon as possible is now paramount.

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