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15/04/2002
Speculation grows on tax rise postponement
Speculation is mounting that UK Chancellor Gordon Brown is set to postpone any tax rises planned as part of the Government's Budget this Wednesday.
Mr Brown is widely expected to raise taxes by at least £5 billion, mainly to fund spending increases for the NHS, however numerous newspaper reports are suggesting that the tax increases will be phased in over several years with no major increase announced in this month's budget.
The Chancellor is also expected to make up to £2 billion available to boost the take-home pay of low-paid workers, extending the working families tax credit to single people and childless couples.
There is also speculation that petrol duty will be frozen for the second year in a row.
The bulk of the revenue increase for the UK exchequer is likely to be raised by an increase in National Insurance payments, but it is also thought likely that stamp duty on higher-priced houses could also rise.
(MB)
Mr Brown is widely expected to raise taxes by at least £5 billion, mainly to fund spending increases for the NHS, however numerous newspaper reports are suggesting that the tax increases will be phased in over several years with no major increase announced in this month's budget.
The Chancellor is also expected to make up to £2 billion available to boost the take-home pay of low-paid workers, extending the working families tax credit to single people and childless couples.
There is also speculation that petrol duty will be frozen for the second year in a row.
The bulk of the revenue increase for the UK exchequer is likely to be raised by an increase in National Insurance payments, but it is also thought likely that stamp duty on higher-priced houses could also rise.
(MB)
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Employers reminded to stop paying Working Tax Credit
HM Revenue & Customs (HMRC) have reminded employers that they must stop paying Working Tax Credit via their payroll by the end of this month. Since its introduction in April 2003, Working Tax Credit has been paid via employers to supplement the wages of people on low incomes.
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