Chancellor George Osborne called it ‘the unavoidable budget’ but promised there would be no small print in his plan to clear the government’s budget deficit of £155bn over the next 4 years. Here is our summary of the June 2010 budget in easy to read points. Click headline above
Today’s June 2010 budget changes should include an increase of £1,000 in the personal Income Tax allowance for basic rate taxpayers. This increase in Income Tax allowance means that all those earning up to £37,400 will have their tax-free Income Tax personal allowance increased by 15.4%, from £6,475 to £7,475.
The average UK retired household pays out 30% of pension income to the taxman, according to new data published by insurer MetLife Europe.
UK pensioners lose this large slice of their pension income through a combination of direct and indirect taxes, which nets a total of £34 billion for the Revenue.
Government plans to review tax on high earners could hit many on salaries lower than the £130,000 target group. Those who receive a performance-related bonus, for instance, could be subject to hefty tax recovery charges.
A disk containing 1,500 names of Swiss bank account holders is being sought by Her Majesty’s Revenue Commissioners, to home in on UK citizens who may be guilty of tax evasion.
An Office of Fair Trading investigation into charges levied by banks for unauthorised overdrafts has today been blocked by the Supreme Court.
Banks are currently rethinking their strategy on current accounts, as part of a larger plan to seek new revenue streams in the current difficult climate. Â This may mean an end to free banking services, and in particular free current accounts, as charges are stepped up to anticipate the possible loss of other revenue sources currently [...]
Are you a high earner? Then being alert to certain aspects of your tax planning regime could save you a substantial sum. From next (tax) year, April 2010, new rules come into effect that you should be aware of. As of next April, if your salary is over £100,000, then you may wish to consider that you face a [...]
