UK Tax News from TaxPenny

Possible Cut In Pension Tax Relief For Higher Rate Taxpayers

With the 2012 Autumn Statement fast approaching, there are a few details leaking out about planned proposals and announcements. One of the latest, revealed by the Financial Times, is that the Chancellor is mulling over reducing tax relief again, this time from £50,000 to £40,000 or £30,000. Other sources feel there may be a removal [...]

Autumn Statement 2012

The Chancellor of the Exchequer, George Osborne, will make the Autumn Statement on Wednesday 5th December at 12:30pm. You can expect an overview of the Budget situation rather than individual rate changes for 2013 as many announcements were made in the 2012 Budget. As usual, you can expect full coverage by TaxPenny and in the [...]

Budget 2012 Calculator

We have updated our 2012 Budget Calculator with all the details we already have for this year’s Budget. Hop over now to see if you are better or worse off. Information has now been fully updated and taken from the HMRC Overview of Tax Legislation and Rates from Budget 2012: 2012/13 Income Tax and National [...]

Taxpayers to be told where their taxes are spent

With the 2012 Budget a mere few days away, more information about what to expect is leaking out. New plans have been revealed which, starting from 2014, will provide every taxpayer with an individual statement outlining how much tax they paid, a breakdown, as well as where the Government has allocated it be spent. The [...]

50 Percent Tax To Be Cut To 45 Percent Tax From 2013

It has been reported that the Chancellor, George Osborne, has agreed a last minute deal within the coalition Government that will see the current top rate tax band of 50 percent, dropped to 45 percent from the start of the 2013/2014 tax year. The deal was agreed to put in place a ‘tycoon tax’ proposed [...]

Budget 2012: What is in store for you?

It’s that time of the year again. The time when you wonder how the Chancellor George Osborne will affect your live in the coming tax year. There is a lot of speculation already about how added, removed or changed measure in the Budget will have your pockets running scared across the country. As always, we [...]

Finance Bill 2012 – Draft Legislation Analysis

The draft finance bill for 2012 was published yesterday and in amongst over 1,000 pages of legislation and notes a few key issues to extract: New tax rates and allowances for 2012/13 Bands will remain at 20, 40 and 50 percent. UPDATE: Click here for the full breakdown and tax calculator Foreign currency bank accounts [...]

Autumn Statement 2011 – Analysis

Well the Chancellor has updated the country on his plans for the economy. Below is a summary of key points made: The Economy 2011 ecomomic growth forecast changed to 0.9% from 1.7% 2012 ecomomic growth forecast changed to 0.7% from 2.5% Growth expectation for 2013->2.1%, 2014->2.7%, 2015->3% Borrowing Government borrowing to be increased by £111 [...]