Category Taxation in UK

Young UK Taxpayers Told to Keep Paying For Life

May 5, 2017 Taxation in UK

Taxes for young peopleLONDON – Young taxpayers in the UK may be told that they will be paying taxes past retirement, a pain that older taxpayers would be spared.

A leading economist in the UK has suggested that National Insurance Contributions should be paid by taxpayers even after retirement.

The economist, Sir Andrew Dilnot, said that it is “perfectly plausible” that workers would be required to pay the NIC in order to help fund social insurance systems or social care.

He added that a decision about such a possibility should be taken by Ministers no later than November this year.

Sir Andrew Dilnot added that the NIC should not be charged at its full rate on any individuals who have already reached retirement age, as “…that’s wasn’t the deal they signed up to.”

However, despite suggesting that ...

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UK Needs to Raise an Extra GBP 15 Billion

May 3, 2017 Taxation in UK

taxes in the UKLONDON – In order to close its budget gap, the UK will either need to amp up taxation or drastically cu public spending.

The UK needs to find an extra GBP 15 billion over the next few years in order to close its budget plan on time, according to new information in a report released by the Institute of Fiscal Studies.

The need to collect an extra GBP 15 billion is unlikely to sit well with taxpayers, as the needed funds may be raised through increased taxes.

The alternative means to raise the needed funds is to enact further cuts to public spending and funding of social programs.

It was noted in the repot that the public spending by the government is currently sitting at the same level as it was prior to the Global Financial Crisis, despite several years of austerity measures.

In the re...

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UK’s Poor Drowning in Taxes

April 26, 2017 Taxation in UK

UK income taxesLONDON – Poor people in the UK are feeling the impact of tax much harder then their wealthy counterparts.

On April 25th the Office for National Statistics of the UK released a new report on the effects of taxes on household income in the UK, showing that the country’s poorest individuals feel a disproportionately hard effect from taxes.

It was shown that the poorest 10 percent of people in the UK country pay out as much as 42 percent of their income out in taxes, which include consumption taxes.

Conversely, the richest 10 percent of people pay 34.3 percent of their income out as taxes.

Further, the incomes of the top 20 percent of earners was shown to be approximately GBP 84,700, or as much as the bottom 20 percent, who earned one 12th of that amount, approximately GBP 7 200.

The repo...

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Inaction on Devolution Will Cost N.Ireland

April 5, 2017 Taxation in UK

Tax in Norther IrelandBELFAST – Norther Ireland may be losing its greatest opportunity to attract investors, according to some economic experts.

Invest Northern Ireland, a regional development agency promoting investment into Northern Ireland, has dropped its suggestion that the country may gain devolved powers to set its own corporate tax rate by April 2018.

The group had previously attempted to entice investors into Ireland with the promise that in April 2018 the country would reduce its corporate tax rate to 12.5 percent.

It has now been revealed that the Department of Finance has admitted that there is a chance that the deadline for devolution of the tax powers “may slip”.

The cause of the delay has been attributed to a political stalemate which has led to a lack of agreement between political parties...

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Car Tax to Address London’s Air Quality

April 5, 2017 Taxation in UK

Smog in LondonLONDON – London’s streets could soon be quieter and the air could be cleaner, thanks to the Mayor’s new tax on inner-city drivers.

The Mayor of London, Sadiq Khan, has announced that new taxes will soon be enacted on drivers in the city, in an effort to reduce urban pollution and help alleviate the burden of poor air quality.

The new taxes will come into effect from April 2019, and will see all high-polluting cars and vans driving in the to-be-established ultra-low emission zone (ULEZ) charged a daily tax.

The tax will apply to petrol cars that are older than 13 years old, and to diesel cars that are more than 4 years old.
The tax is expected to be set at GBP 12.50 per day.

The Mayor added that he wants to see the tax expended in the future to cover other highly-polluting vehicles like b...

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