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Friday 21st of January 2011

News Tag: child benefit

October 14, 2010

Pension tax relief slashed as Government looks to save more money

by Kay Murchie
Pension tax relief slashed as Government looks to save more money
It has been announced that the Government is to reduce the annual amount of pension tax-free income in order to save £4 billion a year, to reduce the spiralling budget deficit. The tax-free amount is being slashed from £255,000 a year to £50,000 from April 2011. High earners will continue to be paid tax relief on pension savings ...



October 11, 2010

Government announces incapacity benefit changes

by Kay Murchie
”Government
As part of the coalition Government’s welfare crackdown, Iain Duncan Smith, Work and Pensions secretary, has today announced that those on incapacity benefit will be forced to undergo medical tests. The tests, which will be trialled in Burnley and Aberdeen from today, will be rolled out throughout the country from next April. The move, which is aimed at saving billions of pounds, will see ...



October 4, 2010

Chancellor announces child benefit changes for higher taxpayers

by Kay Murchie
”Chancellor
Ahead of the Conservative Party Conference in Birmingham today, Chancellor George Osborne has revealed that child benefit is to be scrapped for higher rate taxpayers from 2013. Currently, child benefit is paid at £20.30 a week for the first child and £13.40 a week for any other children. For example, a mother of three would receive almost £2,500 per year. However, ...



August 18, 2010

Treasury reviews winter fuel and child benefit payments

by Kay Murchie
”Treasury
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for “middle class” families, while the winter ...



June 28, 2010

Government proposes radical reform to benefits system

by Kay Murchie
”Government
As it continues with its priority of cutting Britain's budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they cost £12.5 billion a year. Mr Osborne ...



June 22, 2010

Emergency Budget: Osborne outlines painful cuts

by Kay Murchie
”Emergency
Today’s budget, currently being delivered by Chancellor George Osborne, has bought with it many painful cuts. Firstly, VAT will be increased from 17.5% to 20% from 4 January, 2011 - this is expected to raise £13 billion a year, according to Osborne. However, “essentials” such as food, newspapers and children's clothing will remain exempt from VAT. Meanwhile, child benefit will be frozen for the ...



December 9, 2009

Darling unveils plans to cut UK’s ballooning debt

by Kay Murchie
”Darling
At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers' bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and the temporary measure will come into ...