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Income Tax
Income Tax (Indexation) Order 2012
Wednesday, January 2nd, 2013Sections 21 and 57 of the Income Tax Act 2007 requires the Treasury to increase tax allowances and limits automatically each year if the Retail Price Index (RPI) for the September before the start of a tax year is higher than it was for the previous September. This affects: The Personal Allowance for people born [...]
Income Tax (Exemption of Minor Benefits (Amendment) Regulations 2012
Thursday, July 19th, 2012We have previously reported that the current tax and NICs exemption on the provision of a meal by the employer to the employee on a ‘cycle to work’ day is to be abolished. This was recommended by the Office of Tax Simplification’s review and the subsequent consultation ‘Abolition of 36 tax reliefs’. We also reported [...]
The Single Income Tax
Tuesday, June 5th, 2012Following on from the article about tax transparency, it is appropriate to mention a recent 2020 Report. The 2020 Commission is a joint project between the Taxpayers’ Alliance and the Institute of Directors (IOD). It has published a report entitled ‘The Single Income Tax’ and produced a Webcast on their Website advocating a simpler UK [...]
50p Tax Rate, Again!
Monday, March 5th, 2012A brief history lesson: The Labour Party manifesto of 2005 pledged ‘we will not raise the basic or top rates of income tax in the next parliament’ Alistair Darling announced in the Pre-Budget Report of 2008 that a new 45% tax rate would be introduced, targeting those earning over £150,000 from April 2011 In fact, [...]
