All the updated news related to income tax

All the news related to income tax updated in real time

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£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

Households will lose more from “opaque and stealthy” freezes over the next three years than they will gain from headline tax cuts on average, according to the Institute for Fiscal Studies (IFS). By 2025–26, the freezes will take away £2 for every £1 ...

06 Oct 2022 at 01:01

Chancellor again declines to say if benefits will rise in line with inflation

The Chancellor has again declined to say whether benefits will be increased in line with inflation, as the Government U-turned on plans to cut the top rate of income tax for the highest earners. Kwasi Kwarteng said he is “not committed to any ...

03 Oct 2022 at 16:33

Chancellor under pressure to back benefits increase

Kwasi Kwarteng risks a fresh battle with Tory MPs over benefits funding after being forced into a humiliating U-turn on plans to cut tax for top earners in the face of a revolt by party grandees. The Chancellor said he is “not committed to ...

03 Oct 2022 at 19:40

Tories warn Scots will be ‘left behind’ without income tax cuts by SNP ministers

Tories have warned that Scotland risks “being left behind” if SNP ministers at Holyrood fail to match the tax-cutting proposals being introduced in the rest of the UK. While SNP Westminster leader Ian Blackford condemned as “nonsense” ...

25 Sept 2022 at 13:15

Scottish Government will continue its ‘fairer’ approach to tax, says minister

The Scottish Government will continue to pursue a “fairer and more progressive approach to taxation”, one of Nicola Sturgeon’s ministers has said. Richard Lochhead spoke out as Tories in Scotland urged SNP ministers in Holyrood to ...

24 Sept 2022 at 16:31

Raising NI threshold ‘will soften financial blow of health and social care levy’

Raising the threshold at which people pay national insurance (NI) will help soften the financial blow from the new health and social care levy, experts said. But some said measures announced in the spring statement will only be ...

23 Mar 2022 at 15:55

How will the spring statement affect me?

Households were facing the biggest hit to their living standards since the 1950s as new support measures were announced on Wednesday. The Office for Budget Responsibility (OBR) outlined a short-term outlook where “real ...

23 Mar 2022 at 17:55

Scotland

Almost quarter of a million more Scots could be higher rate taxpayers by 2027-28

Almost a quarter of a million Scots could become higher rate tax payers in the next few years if no changes are made to the threshold, experts have said. The Scottish Fiscal Commission (SFC), the country’s official, ...

01 Jun 2022 at 14:50

News

Government should avoid NI rise during cost of living crisis, experts warn

The Government should not be raising national insurance during the cost of living crisis, economists have told MPs. Giving evidence to the Treasury Select Committee, Tom Clougherty, from the Centre for Policy ...

31 Jan 2022 at 19:56

Personal Finance

Stronger protections for taxpayers using third parties to claim rebates

Taxpayers claiming rebates via third parties will have stronger protections under a shake-up to the way repayment agents can operate. Businesses specialising in helping people and firms make claims for tax ...

11 Jan 2023 at 00:01

Home

Louth TD says tax changes that came into effect this week will help mitigate cost of living

Income tax changes announced in Budget 2023 will take effect this week to help mitigate the cost of living crisis, Louth Fine Gael TD Fergus O'Dowd has said. “In September, Ministers Donohoe and McGrath ...

07 Jan 2023 at 14:33

Personal Finance

9.9% increase in taxes collected in 2022-23

Around £786.6 billion was collected in taxes in 2022-23, marking an increase of 9.9% from the year before, according to provisional HM Revenue & Customs (HMRC) figures. Income tax, capital gains tax ...

25 Apr 2023 at 10:57

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