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29/10/2010
'Penalties' Planned Over Child Benefit
As a result of non-disclosure of earnings, the Treasury has confirmed that "penalties" would be issued to higher rate taxpayers if they fail to declare receiving child benefit.
In a move designed to save £2bn a year, Chancellor George Osborne announced the changes earlier this month.
By 2013 benefit is to be stopped if at least one parent earns over £44,000, however experts are questioning if this will work due to the tax system dealing mainly with individuals not couples.
For the most part, mothers receive the benefits while fathers pay the higher rate tax. The amendment will prove harder to enforce because couples are not always knowledgeable regarding their partner's finances. In the case were the couple break up, administering will become even more complicated.
Under the new rules the government plan to write to all higher rate taxpayers asking them whether their household gets child benefit.
Of the four million letter recipients, those who fail to answer or do not tell the truth could be fined.
But critics, including Labour, in the interest of "fairness" say the move would create an intrusive system.
(BMcN/GK)
In a move designed to save £2bn a year, Chancellor George Osborne announced the changes earlier this month.
By 2013 benefit is to be stopped if at least one parent earns over £44,000, however experts are questioning if this will work due to the tax system dealing mainly with individuals not couples.
For the most part, mothers receive the benefits while fathers pay the higher rate tax. The amendment will prove harder to enforce because couples are not always knowledgeable regarding their partner's finances. In the case were the couple break up, administering will become even more complicated.
Under the new rules the government plan to write to all higher rate taxpayers asking them whether their household gets child benefit.
Of the four million letter recipients, those who fail to answer or do not tell the truth could be fined.
But critics, including Labour, in the interest of "fairness" say the move would create an intrusive system.
(BMcN/GK)
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05 October 2010
Tax Break For Married Couples Planned
It is believed the government are planning to introduce a tax break for married couples before the 2015 election. The announcement comes after wide criticism of the chancellor's plan to axe child benefit for higher rate taxpayers from 2013. However, the Prime Minister has stood by plans to scrap child benefit for high earners.
Tax Break For Married Couples Planned
It is believed the government are planning to introduce a tax break for married couples before the 2015 election. The announcement comes after wide criticism of the chancellor's plan to axe child benefit for higher rate taxpayers from 2013. However, the Prime Minister has stood by plans to scrap child benefit for high earners.
30 October 2006
Campaign to crack down on benefit cheats launched
The government has launched a campaign which aims to crack down on benefit cheats. The 'No Ifs, No Buts' campaign stresses the message that there are no excuses for committing benefit fraud. It is estimated that almost £1 billion was lost last year through benefit fraud, compared to £2 billion in 2001.
Campaign to crack down on benefit cheats launched
The government has launched a campaign which aims to crack down on benefit cheats. The 'No Ifs, No Buts' campaign stresses the message that there are no excuses for committing benefit fraud. It is estimated that almost £1 billion was lost last year through benefit fraud, compared to £2 billion in 2001.
31 January 2011
Rich To Lose Most From New Measures In April
As the governor of the Bank of England predicts stagnant real earnings for some time to come, households will be hit by a further average £200 a year loss from tax increases and benefit cuts due in April. In addition there will be big changes in marginal tax rates for some.
Rich To Lose Most From New Measures In April
As the governor of the Bank of England predicts stagnant real earnings for some time to come, households will be hit by a further average £200 a year loss from tax increases and benefit cuts due in April. In addition there will be big changes in marginal tax rates for some.
12 August 2011
'Claim Teen Students' Benefits, Says HMRC
Parents of teens who are carrying on with full time education next term need to act fast to ensure they continue to receive child benefits. The parents of any 16-year-olds who are remaining in education by full-time means will be entitled to claim and should let HM Revenue & Customs (HMRC) know so that their child benefit doesn't stop in September.
'Claim Teen Students' Benefits, Says HMRC
Parents of teens who are carrying on with full time education next term need to act fast to ensure they continue to receive child benefits. The parents of any 16-year-olds who are remaining in education by full-time means will be entitled to claim and should let HM Revenue & Customs (HMRC) know so that their child benefit doesn't stop in September.
04 October 2010
High Taxpayers To Lose Out On Child Benefit
Chancellor George Osborne has announced that from 2013 child benefit is to be axed for high rate taxpayers. In an interview with the BBC, Mr Osborne said it was a "big decision" but "absolutely necessary." During a time of severe financial pressure, the move would save the government around £1bn a year.
High Taxpayers To Lose Out On Child Benefit
Chancellor George Osborne has announced that from 2013 child benefit is to be axed for high rate taxpayers. In an interview with the BBC, Mr Osborne said it was a "big decision" but "absolutely necessary." During a time of severe financial pressure, the move would save the government around £1bn a year.
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy. Also mainly dry at first this evening but then occasional outbreaks of rain developing overnight. Light southwest winds, and staying mild. Minimum temperature 9 °C.
