What the pre-budget means for the elderly

In his pre-budget speech, Alistair Darling has announced some measures which will affect the elderly. Inheritance tax is to be frozen at a rate of £325,000 until 2011 although the holiday on stamp duty for certain properties will end on 1 January 2010. For those who enjoy a game of bingo, traditionally an elderly pastime, duty will be cut from 22 per cent to 20 per cent.

The Government is to phase in the introduction of new pension personal accounts system with the cost of funding the main Government occupational pension schemes reined in. This means a cap of Government contributions to public service employees by 2012. By April, the basic state pension will rise by 2.5 per cent.

He also announced a scrappage scheme for old boiler replacement with new more energy efficiency models. This will pay £400 per household towards changing over to a more efficient system. He also said that from April, the Government would make available around £200m to assist with reducing carbon emissions from homes.

Although it was announced that there would be specific measures of help for the young unemployed, he announced only that he would ensure "specialist and tailored support" for the over 50s to help find employment and if people wanted to stay in employment over retirement age, they should be encouraged to do so.

What's this?