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Conservatives pledge tax cuts and annuity reform

The Conservative Party manifesto is pledging the abolition of compulsory annuities at the age of 75, as well as tax cuts valued at £8bn.

The Conservatives are also promising to consult on allowing younger workers to opt for private pensions rather than pay National Insurance contributions as well as protect the savings and homes of those needing long term care.

The proposed tax cuts will:-

Abolish tax on some savings and dividends; raise personal allowances for pensioners by £2,000; increase children&#39s tax credit by £200 a year for families with children under the age of 5; abolish tax on widowed mother&#39s allowance and widowed parent&#39s allowance; introduce a new married couple&#39s allowance; cut petrol tax by 6p per litre; tax relief on approved share options; regeneration tax breaks; business rates reductions; abolish IR35.

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