Tag: national insurance

IFS: Higher tax rate to hit 750,000 more people

IFS: Higher tax rate to hit 750,000 more people

Respected think tank, the Institute for Fiscal Studies (IFS), has today revealed three quarters of a million people will become higher rate taxpayers from April. The earnings threshold will be lowered to £35,001 from £37,400 on 5 April - with the IFS estimating that the average household will be £200 worse off. The study from [...]

January 31, 2011 | 0 Comments More
Business group urges Chancellor not to raise taxes in next week’s budget

Business group urges Chancellor not to raise taxes in next week’s budget

Chancellor George Osborne will unveil his emergency budget next week and tax hikes are expected. However, according to business group, the British Chambers of Commerce (BCC), “punishing” tax rises could hit economic growth. A rise in capital gains tax (CGT) is expected. This is the levy firms or individuals pay on the profit gained from [...]

June 18, 2010 | 0 Comments More
Labour defend National Insurance rise

Labour defend National Insurance rise

Chancellor Alistair Darling has been forced to defend Labour’s planned rise in National Insurance (NI) contributions after the Conservative Party said the hike would lead to job losses. Last month’s Budget confirmed that the Labour Government will raise National Insurance contributions by a further 0.5% from next year, on top of the 0.5% rise announced [...]

April 5, 2010 | 0 Comments More
Women receive less pension due to career break

Women receive less pension due to career break

A report by Prudential has revealed that the average male pension is more than £7,000 a year higher than the female pension. The survey found that a man who draws his pension in 2010 will receive an average retirement income of £19,593, while a woman will receive £12,169. However, the survey shows that the average [...]

February 16, 2010 | 0 Comments More
Darling unveils plans to cut UK’s ballooning debt

Darling unveils plans to cut UK’s ballooning debt

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 [...]

December 9, 2009 | 0 Comments More
Darling to unveil tax increases for wealthy in Pre-Budget Report

Darling to unveil tax increases for wealthy in Pre-Budget Report

Chancellor Alistair Darling’s plans to boost the economy were unveiled over the weekend after it was announced that he plans to cut VAT by 2.5% in a bid to stimulate the economy and prevent a ‘very deep recession’. However, the plans to boost the economy are to come at a high price after the Government [...]

November 24, 2008 | 0 Comments More