More tinkering with the economy = Another missed opportunity
One simple measure could have been taken to reinforce the elements of cost control and economy – like actually raising the VAT rate to 20% (rather than just back to 17.5%). (more…)
Posts Tagged ‘Income tax allowances’
Pre Budget Report 2009 – a personal view
Monday, December 21st, 2009Tags: Gordon Brown, Income tax allowances, Inheritance Tax, Kevin Beare, National Insurance Contributions, national minimum wage, tax credits, tax relief, UK Corporation Tax, UK VAT
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Pre-Budget Report 2009
Thursday, December 10th, 2009Your guide to the Chancellor’s Statement I 9th December 2009
Alistair Darling’s announcements include unexpected tax increases
In his final Pre-Budget Report before the next General Election, Alistair Darling faced the twin dilemmas of a soaring public finance deficit and a recession-driven reduction in Government income. While conceding that the economy in 2009 had shrunk by more than previously forecast, the Chancellor stuck to his predictions for a modest return to growth in 2010.
The Chancellor also outlined Government ambitions to reduce the budget deficit by half within four years. Some spending cuts were put forward, including a planned public sector pay settlement cap. As for boosting Government income, VAT returns to a standard rate of 17.5 per cent (though no higher as some feared) and there is to be a further increase of 0.5 per cent in employers’ and employees’ national insurance contributions as from April 2011. Time will tell whether Mr Darling’s final Pre-Budget Report speeds the slow economic recovery. (more…)
Tags: Gordon Brown, HMRC, Income tax allowances, Inheritance Tax, National Insurance Contributions, Pensions, tax credits, tax relief, UK Corporation Tax, UK VAT
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