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.... It should be the other way round. There’s some value in respecting the wishes of the dead, yes, but why is that more important than social housing, healthcare or any number of other possible uses for the money? It’s natural to want to protect and care for your family, but what about people who don’t stand to inherit a penny? Is there any reason their needs should matter less? We have to fund our state somehow – what makes inheritance tax more objectionable than income tax or VAT charged on essential consumer goods?. ... [Read full article on Guardian ]
Monday 24th of July 2017 06:59:29 AM
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....There was good news for the chancellor after data indicated that the dramatic slowdown in the economy during the first quarter had so far failed to reduce tax receipts. Corporation tax fell by more than 4% compared with June last year but all the main sources of tax receipts – income tax, national insurance and VAT – were up more than that predicted by the Treasury’s independent forecaster, the Office for Budget Responsibility (OBR). ... [Read full article on Guardian ]
Friday 21st of July 2017 11:29:19 AM
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....Capital threat Patrick Connolly, certified financial planner at Chase de Vere, says most people do not draw up legal documents or charge interest when handing over smaller sums, but it makes sense for larger sums. “If you do charge interest the payments you receive are potentially subject to income tax,” he warns. ... [Read full article on Daily Express ]
Sunday 23rd of July 2017 10:30:00 AM
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.... Thus the “middle economic ground” was that we needed to push for as much growth as we could and assume that the “rising tide will lift all boats” – so even if inequality increased at least you could say everyone was better off. In effect, the debate on the economy was situated within the middle of the conservative force’s liking – where removing industrial relations protections was fine because we needed to pursue growth; where cutting high income taxes and cutting government services and spending was fine because we needed growth. ... [Read full article on Guardian ]
Saturday 22nd of July 2017 10:12:48 PM
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Latest Finance News related to Income Tax

Why not fund the welfare state with a 100% inheritance tax? | Abi Wilkinson image
.... It should be the other way round. There’s some value in respecting the wishes of the dead, yes, but why is that more important than social housing, healthcare or any number of other possible uses for the money? It’s natural to want to protect and care for your family, but what about people who don’t stand to inherit a penny? Is there any reason their needs should matter less? We have to fund our state somehow – what makes inheritance tax more objectionable than income tax or VAT charged on essential consumer goods?. ...
Secure your worldly wealth: Tips to make sure you pass your wealth to the right person image
....Capital threat Patrick Connolly, certified financial planner at Chase de Vere, says most people do not draw up legal documents or charge interest when handing over smaller sums, but it makes sense for larger sums. “If you do charge interest the payments you receive are potentially subject to income tax,” he warns. ...
Race for political centre is futile, Labor needs to be more progressive | Greg Jericho image
.... Thus the “middle economic ground” was that we needed to push for as much growth as we could and assume that the “rising tide will lift all boats” – so even if inequality increased at least you could say everyone was better off. In effect, the debate on the economy was situated within the middle of the conservative force’s liking – where removing industrial relations protections was fine because we needed to pursue growth; where cutting high income taxes and cutting government services and spending was fine because we needed growth. ...
Budget deficit leaps as Brexit-fuelled inflation troubles Hammond image
Source : Guardian [Read Article] Friday 21st of July 2017 11:29:19 AM
....There was good news for the chancellor after data indicated that the dramatic slowdown in the economy during the first quarter had so far failed to reduce tax receipts. Corporation tax fell by more than 4% compared with June last year but all the main sources of tax receipts – income tax, national insurance and VAT – were up more than that predicted by the Treasury’s independent forecaster, the Office for Budget Responsibility (OBR). ...
Pension planning: Avoid these costly mistakes with your savings  image
Source : Daily Express [Read Article] Sunday 16th of July 2017 02:14:00 PM
....” . Pensions are a good place to store your money, as interest and capital growth rolls up free of tax, whereas withdrawals may become subject to income tax or capital gains tax. ...
PENSION WARNING: Savers accessing pots early falling into ‘disastrous’ tax trap image
.... "This can have disastrous long-term consequences. “Taking a lump sum in a single tax year is likely to result in paying more income tax than withdrawing money gradually. ...
Risk of poverty in UK greater when father is sole breadwinner, finds IFS image
.... “Income inequality is now at its lowest level since the mid-1980s and our reforms to the tax system mean hardworking people are keeping more of what they earn. “Increases to the personal allowance have taken millions out of income tax altogether and reduced tax bills for some of the lowest earners by £1,000 a year. ...
Electric car revolution: calculating the cost of green motoring image
Source : Guardian [Read Article] Saturday 8th of July 2017 08:00:03 AM
....The Treasury earned £27. 6bn in 2015-16 from fuel duty in 2015-16, three times as much as tobacco duties rake in and the equivalent of an extra 5p on income tax. ...
UK faces tightest squeeze on household incomes for five years image
Source : Guardian [Read Article] Thursday 6th of July 2017 12:57:38 PM
....“We are taking real action to help families increase their incomes and take home more of what they earn. A basic-rate taxpayer now pays £1,000 less income tax than in 2010 and, thanks to the national living wage, the poorest households have seen their wages rise more than in any other G7 economy,” he said. ...
Rangers tax case: supreme court rules in favour of HMRC image
Source : Guardian [Read Article] Wednesday 5th of July 2017 05:02:13 PM
....Andy Wood, technical director of Enterprise Tax Consultants, said HMRC’s victory was likely to have dramatic implications for firms that used EBTs and also for football clubs’ use of “image rights” to pay players. “It gives HMRC the authority to pursue them for income tax without the need to embark on a further series of legal actions,” he said. ...
HMRC wins Rangers 'big tax case' ruling image
Source : BBC [Read Article] Wednesday 5th of July 2017 04:12:59 PM
...."The discretionary bonuses made available to RFC's employees through the same trust mechanisms also fall within the tax charge as these were given in respect of the employee's work. "Payment to the Principal Trust should have been subject to deduction of income tax under the PAYE regulations. ...
PENSIONS WARNING: Could this tax loophole affect YOUR savings? image
Source : Daily Express [Read Article] Friday 30th of June 2017 09:50:00 PM
.... . Those earning between £10,000 and £11,500 are being short-changed on their bonus, which has not increased along with the rate of income tax. ...
Buy-to-let UK property sales fall by almost 50% in a year image
Source : Guardian [Read Article] Thursday 22nd of June 2017 05:45:48 PM
.... But this interest relief is being slashed from 100% to zero. Instead, the income tax on someone’s property profits and any other income sources will be added up, and they will then be granted a “tax credit” worth 20% of the mortgage interest cost to offset against income tax. ...
Pain without gain: the truth about austerity | Phillip Inman image
Source : Guardian [Read Article] Sunday 18th of June 2017 04:54:09 PM
....Without strong increases in average wages now that inflation has returned, workers must borrow to maintain their standard of living. It also means income tax revenues have failed to rise as expected, hurting the exchequer and forcing the government to borrow more than it believes prudent. ...
Philip Hammond under pressure to spend to lure voters back to Tories image
Source : Guardian [Read Article] Saturday 17th of June 2017 03:00:41 PM
....One of Labour’s most popular policies was the pledge to scrap higher education tuition fees and reinstate maintenance grants, and the Tories might face pressure to match it if they are to secure a younger vote that could be the swing demographic in the next general election. Corbyn said he would fund this move by levying a 45% income tax on those earning more than £80,000 and 50% tax on those earning more than £110,000. ...
REVEALED: 5 simple tricks to increase your pension and BEAT threatened cuts after election image
.... Minimise tax Savers accessing their pensions through 'freedom' reforms are paying more tax than the Government expected, raising concerns many have been caught out by rules. Large unnecessary withdrawals can push people into higher income tax bands, meaning that it could be better to split withdrawals over a number of years where possible. ...
One love, one aim … finding the best way to donate to victims of the terror attacks image
.... If you are a UK taxpayer, regardless of the rate of tax you pay, charities can then claim an extra 25p for every £1 given. Your donations will qualify as long as you donate less than four times your entire income tax or capital gains tax bill. ...
How will the General Election affect your money? Pensions, savings and tax compared  image
.... Here are how the two main parties plan to affect your everyday earnings and burdens. Income taxThe Conservatives have been steadily raising the personal allowance - the amount you can earn before paying income tax - and this is set to continue under Theresa May. ...
India's slowing growth blamed on 'big mistake' of demonetisation image
Source : Guardian [Read Article] Thursday 1st of June 2017 01:31:26 PM
....The cash recall was intended to hasten the country’s transition towards a formal economy and close down the booming economy of untaxed cash transactions, which aid corruption, the funding of terrorist groups and keeps counterfeit notes in circulation. It was also expected to unearth stashes of untaxed wealth in a country where just 1% pay income tax. ...
Highest rate taxpayers at record level image
Source : BBC [Read Article] Thursday 1st of June 2017 08:14:15 AM
. A record number of people are paying the highest rate of income tax, but remain a fraction of total taxpayer numbers. ...
Older age image
Source : BBC [Read Article] Thursday 1st of June 2017 02:31:40 AM
....The manifestos mention how much more money each party wants to give the NHS. The Tories are promising an extra £8bn a year in England, Labour even more, while the Lib Dems want to raise income tax by a penny-in-the-pound. ...
Income tax: Record numbers paying top rate of 45p image
Source : Daily Express [Read Article] Thursday 1st of June 2017 12:01:00 AM
.... . "High earners are already contributing a larger proportion of income tax than ever before and cuts to pensions have unfairly removed their opportunity for them to use tax efficient savings products to reduce their tax bill. ...
Bumper bonus: four directors grab £40m each in City payday image
Source : Guardian [Read Article] Wednesday 31st of May 2017 11:58:59 AM
.... The remainder of the pot will be shared between 20 senior managers. The executives can sell shares to cover the £70m of income tax due on the awards but must retain at least half the remaining shares for at least two years. ...
Three Mile Island to close 40 years after nuclear accident image
Source : BBC [Read Article] Tuesday 30th of May 2017 09:52:04 PM
....Further upgrades were ordered after the 11 September 2001 terrorist attacks. Three Mile Island employs 675 people, supplies power to 800,000 homes, and pays more than $1m in state income taxes, according to the company. ...
What's better than a Buffett rule? Labor's Buffett rule by stealth | Greg Jericho image
. At the moment the ALP is having a fight over the merits of a Buffett rule for income tax. ...
Paul Polman: ‘I could boost Unilever shares. But cutting costs is not our way’ image
.... Then there’s the fact that debt remains extraordinary cheap, and thus tax-efficient for the corporate borrower. With an obvious reference to Kraft, whose Brazilian billionaire backers at 3G have usually funded their takeovers with huge borrowings, he says: “To buy a company by overleveraging it, and having the taxpayer pay for it in deductions on income tax, doesn’t strike me as in the best interest of a country. ...
The tax that pensioners should pay to fund care image
Source : Guardian [Read Article] Saturday 20th of May 2017 05:59:17 AM
.... The older generation have benefitted from spectacular – and largely unearned – increases in the value of their property. Why should younger working people, through income tax, pay for the galloping costs of elderly care when they can’t even dream of affording to buy a home themselves? Doesn’t it make more sense to instead take the money out of the congealed wealth sitting in property? And, indeed, there can be no justification for the state protecting the inheritances of the well off by taxing hard-pressed working people. ...
May's manifesto is birth of third way Conservatism image
Source : Guardian [Read Article] Thursday 18th of May 2017 01:15:48 PM
....The glacial pace of deficit reduction means that the 2017 manifesto is far more cautious in its tax pledges than the one produced by David Cameron two years ago. Back then, when the opinion polls were suggesting a hung parliament, Cameron pledged no increase in income tax rates, national insurance contributions or VAT. ...
Conservative manifesto: Theresa May targets mainstream Britain' image
Source : BBC [Read Article] Wednesday 17th of May 2017 09:26:25 PM
....Launching the Conservative manifesto, Mrs May said a strong economy and delivering Brexit were top priorities. The manifesto drops the 2015 pledge not to raise income tax or National Insurance and has big changes to social care funding in England. ...
Labour manifesto: Extra £48.6bn in tax revenue to fund pledges image
....Leader Jeremy Corbyn said the manifesto - including billions for schools and the NHS and an expansion of free childcare - was a "programme of hope". The income tax rate would rise to 45p for earnings above £80,000 and then to 50p in each pound earned over £123,000. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
....The policy will be accompanied by Corbyn unveiling a plan to raise £4. 5bn by increasing income tax for those earning more than £80,000 – almost one million people – with experts suggesting a 45% rate, which is currently imposed on salaries above £150,000. ...
General election 2017: Labour 'plans water industry nationalisation' image
.... . They have been clear that they will increase income tax for the wealthiest 5% of taxpayers earning more than £80,000 a year and increase corporation tax by 19% to 26%. ...
General election 2017: Lib Dems would end public sector pay squeeze image
....Speaking to the Royal College of Nursing conference in Liverpool, the Liberal Democrat leader also promised to restore bursaries for students nurses. He said his party would give the health service the funding it needed by adding 1p on income tax in order to raise an extra £6 billion. ...
Battle ground image
Source : BBC [Read Article] Sunday 14th of May 2017 01:14:58 AM
....Where the government decides to get its money is important because it determines who is being made worse off. The biggest chunk of overall revenue - about 40% - comes from income tax and national insurance contributions, both of which are based on your earnings. ...
Five-minute guide to Tory's manifesto pledge on fuel image
Source : Daily Express [Read Article] Sunday 14th of May 2017 12:01:00 AM
.... Since then, five of the so-called “Big Six” energy firms have hiked their prices by up to 37 per cent. The PM is tapping into people’s concerns, as voters name energy bills their number one personal finance priority for the next government, followed by income tax and the cost of elderly care, according to research from CompareTheMarket. ...
Buy-to-let landlords suffering tax increases plan to raise rents  image
Source : Daily Express [Read Article] Saturday 13th of May 2017 05:27:00 PM
....But now many are set to scale back, which could hit tradesmen and other professionals in the property industry, said Kent Reliance. It comes after relief on borrowing costs has been reduced to the basic rate of income tax, and over the next three years will be cut to zero. ...
Labour has big spending ideas, but no plan to earn our trust | Phillip Inman image
....Mainstream voters also don’t want to be taxed at a higher rate. McDonnell says that for the vast majority, taxes will remain the same, which is true: his new income tax threshold would start at £80,000 and VAT will be frozen. ...
Labour's stealth pension tax RAID: Corbyn's plans set to hit retirement savers  image
....However, this is set to have big implications on pension saving. This is because tax relief is based on income tax rates. ...
Federal budget 2017: the 10 graphs you need to see | Greg Jericho image
Source : Guardian [Read Article] Tuesday 9th of May 2017 10:39:56 AM
.... Yes such people will now be paying an extra 0. 5% points on the Medicare levy, but so will most other taxpayers, and no one else is getting an income tax cut to more than offset the impact. ...
Labour looks at  new tax bracket for those earning £80k-£150k image
Source : Guardian [Read Article] Sunday 7th of May 2017 10:20:48 AM
....John McDonnell hinted that a Labour government would introduce tax rises on those paying the top rate of tax – at £150,000 and above – and that Labour’s biggest tax increases would be reserved for the richest. The shadow chancellor said those most affected by income tax increases would be “the 1% at the top”, a figure that roughly equates to the proportion already on the highest, 45% rate, of income tax. ...
Five minute guide to ever-increasing inheritance tax  image
Source : Daily Express [Read Article] Sunday 7th of May 2017 12:01:00 AM
....You can also gift much larger sums, known as potentially exempt transfers, but these become fully IHT free only if you live for another seven years. If the nil-rate band is exceeded, Isas are liable to IHT, but you can pass on your pension free of death duty if you die after age 75, although beneficiaries may pay income tax on the money. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....Under the proposals, an estimated 600,000 pensioners with annual incomes above about £45,000 - 5% of those under 80 and 2% of over-80s - would lose the winter fuel payment, saving the Treasury around £105m. Earlier, the Liberal Democrats pledged to raise an additional £6bn a year to improve the health and social care system with a penny-in-the-pound rise on all income tax bands and on dividends. ...
General election 2017: Tax lock is bad policy, says IFS image
Source : BBC [Read Article] Monday 1st of May 2017 12:20:26 PM
. Politicians should avoid any election pledges on a "tax lock" which would rule out rises across three major taxes - income tax, National Insurance and VAT - a think tank has said. ...
General election: May paves way for end to pledges on NI and income tax image
. Theresa May is likely to abandon the Tories’ “triple tax lock” commitment and has ruled out increases to VAT, but signalled that she could allow a future Conservative government to raise national insurance and income tax. ...
General election 2017: May says Tories would not raise VAT image
Source : BBC [Read Article] Sunday 30th of April 2017 09:26:03 AM
....Theresa May says a Conservative government will not raise VAT if she wins the general election. But the PM declined to back a 2015 Tory pledge that also ruled out rises in income tax and National Insurance. ...
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
....A spokesman for the Organisation for Economic Cooperation and Development (OECD), the Paris-based thinktank, said last week that the answer for Britain was to means-test the basic pension. An alternative would be to design an income tax system specifically for the country’s 12 million pensioners; one that increases the tax burden for the third who have more than enough money to enjoy their retirement. ...
Poor working families face big losses from benefit cuts, says IFS image
Source : Guardian [Read Article] Thursday 27th of April 2017 04:57:27 PM
.... Pensioner households are mostly protected from future benefit cuts. Tom Waters, a research economist at the IFS, said: “As suggested by the 2015 Conservative manifesto, the government have announced income tax cuts that mostly benefit middle- and higher-income households and working-age benefit cuts that mostly hit lower-income households. ...
Pensions triple lock: what you need to know image
Source : Guardian [Read Article] Thursday 27th of April 2017 01:39:07 PM
.... “Giving less [pension] to the people at the top would free up resources to increase general benefits,” he said. Another proposal would be to tax pensioners based on income tax thresholds specially designed for people of pensionable age. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....The Conservatives believe that their commanding poll lead, and the fact that most people have less confidence in Labour’s economic competence, creates the political space for them to wriggle out of some of the most costly pledges in the 2015 manifesto. Philip Hammond, the chancellor, created a stir last week when he appeared to suggest that the party would not repeat the sweeping promises it made in 2015 not to increase income tax, national insurance or VAT. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
....Critics immediately called it “basically a huge tax cut for the rich”. The plan would cut the US’s individual income tax brackets from seven to three (10%, 25% and 35%) and slash US corporate tax rates from 35% to 15%. ...
Hard tackling image
Source : BBC [Read Article] Wednesday 26th of April 2017 11:25:54 AM
.... . The star would then pay corporation tax at a lesser rate than income tax. ...
Arrests as Newcastle and West Ham raided in £5m tax probe image
Source : BBC [Read Article] Wednesday 26th of April 2017 09:26:01 AM
....HM Revenue and Customs (HMRC) deployed 180 officers across the UK and France. The BBC understands the suspected income tax and National Insurance fraud amounts to £5m. ...
Stock markets surge to new highs ahead of Trump's tax reform plan image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:35:25 PM
.... The index was boosted by technology giants such as Amazon, Apple, Microsoft, Google and Facebook, which will be among the main beneficiaries of any Trump tax reforms. The president’s long-awaited announcement is now expected on Wednesday, with suggestions of a cut in corporation tax from 35% to 15% and possible reductions in income tax rates, particularly for middle-income earners. ...
Government deficit at lowest since financial crisis, says ONS image
Source : BBC [Read Article] Tuesday 25th of April 2017 09:21:26 AM
...."The chance that the Autumn Budget contains net tax rises - like all of the last six post-election Budgets have done - is very high," Mr Tombs said. Mr Hammond hinted last week the Conservative party may drop its 2015 pledge not to raise income tax, national insurance or VAT. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
. Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. ...
With a whiff of sulphur, George Osborne was gone – but for how long? | Polly Toynbee image
.... Instead, he gave out a mammoth £40bn in tax cuts to business and the better-off, in needless capital gains cuts and in this month’s new £1m inheritance tax threshold. His craftiest tax cut was in the popular raising of income tax thresholds labelled as helping the low-paid, though three quarters of the phenomenal cost goes to rewarding higher earners. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....Reality Check verdict: The government is very reliant on richer people for its funding. More than a quarter of income tax is paid by the 1% of taxpayers with the highest incomes. ...
Dulux owner reports 'record performance' image
Source : BBC [Read Article] Wednesday 19th of April 2017 07:04:29 AM
.... . Earnings before income tax climbed 13% year-on-year to 376m euros (£314m), while sales were up 7% at 3. ...
Care homes charging for rooms after residents die, watchdog finds image
Source : Guardian [Read Article] Monday 17th of April 2017 01:09:18 PM
.... There should be a lifetime cap on fees for the individual. Their income tax could be reduced during the years a person was in care. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
....4. Taking tax free cash when you don’t pay taxFor anyone under the current personal income tax allowance of £11,500 for 2017/18, it may not make sense to take tax-free pension cash if the allowance hasn't been used up. ...
UK inflation stays at three-year high of 2.3% image
Source : Guardian [Read Article] Tuesday 11th of April 2017 10:42:20 AM
....The Treasury said it was also taking action. “We are building an economy that works for everyone and helping families with the cost of living by cutting income taxes for 31 million people, freezing fuel duty and increasing the national living wage to £7. ...
Government 2.2% savings bond goes on sale image
Source : BBC [Read Article] Tuesday 11th of April 2017 08:00:16 AM
....Two years ago, so-called pensioner bonds offered a return of up to 4%. The interest will be subject to income tax, although basic rate taxpayers can earn £1,000 a year in savings interest without paying tax. ...
Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini image
.... Their attempt to replace an imperfect but popular law with a pseudo-reform that would deprive more than 24 million Americans of basic healthcare was bound to fail – or sink Republican members of Congress in the 2018 midterm elections if it had passed. Now Trump and congressional Republicans are pursuing tax reform, starting with corporate taxes and then moving on to personal income taxes, as if this will be any easier. ...
Greece agrees basic terms to unlock delayed bailout image
Source : BBC [Read Article] Friday 7th of April 2017 03:14:32 PM
.... . The main elements in the latest agreement are commitments to reduce spending on pensions from 2019 and to collect more income tax from 2020 by lowering the tax-free threshold. ...
Landlord tax changes come into effect TODAY: 'Renting will be more expensive', say critics image
....Two-thirds of landlords plan to increase rents as tax relief for mortgage interest is cut by the Government, research from the Residential Landlords Association (RLA) showed. Relief on borrowing costs has been reduced to the basic rate of income tax, and over the next three years cut to zero, which will erode returns for landlords and discourage property investment, said the trade group. ...
Lifetime ISA: Everything you need to know about the new LISA savings account  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 12:55:00 PM
....If you are buying outside of London, you can also use the Lifetime ISA for properties up to the value of £450,000, while Help to Buy has limits of up to £250,000 outside of the capital. Is it better to use a LISA or pension scheme to save for retirement?A benefit of the LISA is that all savings can be taken tax-free compared to pensions where only 25 per cent of savings can be taken before income tax must be paid. ...
Welfare shakeup 'will push a quarter of a million children into poverty' image
.... It is expected to save £1bn a year for the Treasury by 2021. Also coming this week is a freeze to working age benefit levels at a time when, according to the Resolution Foundation, the wealthiest will benefit from over £2bn a year in income tax cuts. ...
Black market image
Source : BBC [Read Article] Saturday 1st of April 2017 11:30:24 PM
....Tea was one of the most important items illegally brought into Britain in the 18th Century - everybody wanted to drink it, but most could not afford it at the official price. In an age before income tax, tea duties accounted for 10% of government revenues, which was enough to pay for the Royal Navy, but as tariffs on it reached 119% it gave smugglers their chance. ...
Osborne’s huge tax giveaway starts for rich – as the poor are hit image
Source : Guardian [Read Article] Saturday 1st of April 2017 11:05:38 PM
....The richest will reap 80% of the rewards from the tax and benefit changes that start to come into effect this week, while the poorest will become worse off, according to detailed analysis by the Resolution Foundation. The independent thinktank’s research shows that the effect of £2bn of income tax cuts and more than £1bn of welfare cuts will add up to a huge transfer of wealth from low- and middle-income households to richer ones. ...
Mortgage tax relief cut doesn’t add up for buy-to-let landlords image
Source : Guardian [Read Article] Saturday 1st of April 2017 06:00:17 AM
.... But this interest relief is being slashed from the current 100% to zero, the change being phased in gradually between April 2017 and April 2020. What will happen instead is that the income tax on someone’s property profits and any other income sources will be totted up, and they will then be granted a “tax credit” worth 20% of the mortgage interest cost to offset against income tax. ...
Why Scott Morrison needs to ignore armchair treasurers before the budget | Greg Jericho image
....But as do footy coaches, treasurers also have to deal with armchair experts – those who played in years past and who still think the old ways are the best. Morrison has no shortage of advice from those on his side of politics such as former Howard government adviser, Niki Savva, who this week suggested the way to tackle housing affordability was to dump the $40bn worth of company tax cuts and instead cut income taxes. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
....Almost without exception these places have no taxes on wealth, so inheritance taxes and capital gains taxes are absent. Some tax havens, such as Singapore, Jersey and Guernsey, have income taxes, even if top rates rarely exceed 20%. ...

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