July Budget 2015: George Osborne to cut housing welfare for higher earners July 5, 2015 George Osborne plans to cut housing welfare for those earning higher wages in a move that is expected to raise £250m a year for the Treasury. Those earning more than £30,000, or £40,000 in London, and living in Local Authority or Housing Association properties will have to pay the going market rent, the chancellor will [...]
July Budget 2015: Conservatives to announce end to inheritance tax on properties worth less than £1m July 4, 2015 The Budget will spell the end of inheritance tax on homes worth up to £1m. In the new budget on Wednesday George Osborne is expected to make the announcement, saying it is “only right” that the change be made. Read more: Is the government about to change how it taxes pensions? Exempting homes up to £1m [...]
July Budget 2015: Chancellor George Osborne plans to crack down on non-doms July 3, 2015 George Osborne wants to clamp down on non-doms in his July Budget, a move which could raise £5bn by cutting tax evasion and aggressive tax avoidance. Read more: Non-doms pay £6bn in income tax and Labour's ban could damage the UK's ability to attract entrepreneurs In a political statement suggesting the rich will shoulder some of [...]
Summer Budget 2015: Is the government about to change how it taxes pensions? July 3, 2015 With the summer Budget now just days away, much of the finance sector has busied itself trying to second-guess what the chancellor will say when he takes to the despatch box. And one briefing paper, quietly published yesterday afternoon, might provide a clue: changes to pension taxation. Read more: How investment trusts can boost your [...]
George Osborne’s challenge: Will he make his mark as a tax reformer? July 2, 2015 Next week’s Budget is a big opportunity for George Osborne – now he’s able to shape public spending and tax policy free of the constraints of coalition politics. One of his Budget themes should be tax reform. In the 70 years since the end of the Second World War, there have been 22 chancellors of [...]
George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
Why it’s public sector productivity George Osborne should worry about June 30, 2015 Improving the UK’s lagging productivity record is a hot topic among economists and politicians at the moment. Next week, the chancellor is likely to produce a productivity plan alongside his Summer Budget, which is set to find additional savings and enshrine budget surpluses into law, all without raising the rates of income tax, national insurance [...]
Think 45p taxpayers have it hard? The tax system crushes incentives at all levels June 29, 2015 Ahead of next week’s Budget, two former chancellors and 160 Tory MPs are calling for the 45 per cent income tax rate to be reduced to 40 per cent. But for all the political capital devoted to explaining the disincentive effects of a 45 per cent rate, the reality is that many people across the [...]
Up to 160 Conservative MPs want to cut the top rate of income tax to 40 per cent June 29, 2015 Senior Conservatives have said up to 160 MPs want the top rate of income tax taken down to 40p in the next budget, due on 8 July. Read More: Think tank IFS says Labour cannot bank on 50p tax rate to bring in more money This mounts pressure on George Osborne ahead of his first truly Conservative [...]
July Budget 2015: Small business group wants tax reform June 28, 2015 British small businesses are calling on chancellor George Osborne to reform and simplify the tax system in next week’s emergency budget. The Federation of Small Businesses (FSB) has asked the government to “widen the scope of reform to radically simplify the tax system and improve incentives to encourage investment”. The small business group praised the [...]