Businesses cheer corporation tax cut March 21, 2012 BUSINESSES received a welcome cut to their tax bill yesterday as the Treasury accelerated its reduction in corporation tax for the second time in a year. The chancellor cut the tax to 24 per cent from April, one per cent lower than the 25 per cent it had been due to fall to in his original [...]
Child benefit red tape tangle March 21, 2012 A RAID on child benefits for higher rate tax payers was watered down by George Osborne yesterday, yet the chancellor’s amended system was accused of tying parents up with burdensome new red tape. The coalition had been set to remove child benefit from any household where an adult earned enough to fall into the 40p [...]
Osborne ups bank levy for fourth time in 15 months March 21, 2012 BANKS were hit with another hike in the government’s bank levy yesterday as the chancellor increased it to 0.105 per cent – the fourth rise since its creation just over a year ago. George Osborne said the 0.017 per cent increase would make sure that banks do not benefit from his cutting of corporation tax [...]
Loopholes on home sale fee slammed shut March 21, 2012 AN AGGRESSIVE crackdown against stamp duty avoidance on high-end properties will begin today, as the government slaps a punitive tax on the sales of expensive homes that wealthy people put into companies’ names. Sales of properties worth £2m or more that are “enveloped” in a bid to avoid the tax, will now be hit with [...]
Granny tax to hit 4m people March 21, 2012 MORE than four million pensioners will be hit by a “granny tax” after George Osborne said he would freeze the amount of income that is not subject to tax. The chancellor is set to raise £3.3bn from the measure over five years as part of Treasury measures to simplify the “complicated” system of age-related allowances. Osborne [...]
Osborne plans crackdown on avoidance schemes March 21, 2012 A GENERAL anti-abuse rule (GAAR) will be consulted on and implemented next year with the aim of stopping firms and individuals using “aggressive” tax avoidance schemes. George Osborne described tax evasion and extreme tax avoidance as “morally repugnant,” saying he wants firms to respect parliament’s will. The rule is expected to be based on a [...]
Stamp duty hike to hit £2m houses March 21, 2012 THE GOVERNMENT has clamped down on Britain’s wealthiest property owners by raising stamp duty paid on homes costing more than £2m to seven per cent. The changes to the stamp duty bill mean anyone who wants to buy a house above the £2m threshold will now have to pay at least £140,000 in tax on [...]
Cap on income tax reliefs set to raise £300m but charities will suffer most March 21, 2012 CHARITIES fear that changes to tax relief announced in yesterday’s Budget could “strangle” major donations to good causes. The Charities Aid Foundation (CAF) warned that a cap on income tax rebates may put off philanthropists from making major donations to good causes, saying the change is at odds with government policy. “Tax relief on major [...]
Tobacco sellers furious over steep rise in duties March 21, 2012 THE TOBACCO industry has criticised a tax hike of five per cent over inflation on its products, which will cost smokers 37p more per pack of 20 cigarettes. Local shopkeeper and Tobacco Retailers Alliance spokesperson John Abbott highlighted tobacco smuggling, more underage people buying on the black market and corner shops closing down as “negative knock-on [...]
Hike in income tax threshold aids low-paid March 21, 2012 NICK Clegg moved closer to securing a core Liberal Democrat aim on tax yesterday as George Osborne announced a shake-up of personal allowances that will affect up to 24m people. Osborne outlined plans to raise the threshold for paying income tax to £9,205, higher than a planned increase to £8,105, affecting those who earn less [...]
