As comfortably-off pensioners, we have done well out of this year’s income tax changes – including the “scrapping” of the 10 per cent rate. I am 75 and my wife is 70. As I understand it, I benefit from a higher age-related personal allowance of £9,180 for 2008/9, while her tax-free allowance is £9,030.

My income of about £18,000 a year is mostly occupational and state pensions. My wife’s income is about £11,000 – mainly interest from £175,000 of taxable cash savings, and the rest is state pension.