Treasury expects to lose out from 50p rate

It has been reported that Mike Williams, the director of personal tax at the Treasury, has explained to the Treasury Select Committee that the Government expected to receive only 31% (£1.1 billion) of the possible total income from the tax increase announced in the Budget. In his Budget statement the Chancellor estimated that the 50p […]

Budget Update: Relief for pension contributions

From 6 April 2011 tax relief on pension contributions is to be restricted.The relief will be restricted to the basic rate of income tax – currently 20% – for those individuals earning in excess of £180,000. Relief will be tapered between 20% and 40% for those earning between £150k and £180K. Transitional provisions will take […]

At-a-glance: Budget 2009

Here are the key points of Alistair Darling’s 2009 Budget: CIGARETTES, ALCOHOL AND FUEL Alcohol taxes to go up 2% from midnight – one estimate is that it would put 5p on the average pint of beer Tax on tobacco to go up by 2% from 6pm Fuel duty to rise by 2p per litre […]