Mullen Stoker - Durham Accountant, Business Advice, Tax Advice, Tax Returns, Durham, Uk

Posts Tagged ‘OBR’

Top 1.5 per cent of earners to pay £20bn more in income tax

Sunday, January 15th, 2017

The Chancellor

Half of all additional income tax collected by the Government by 2021 will be paid by the top 1.5 per cent of earners as hundreds of thousands of people are dragged into paying the top rate, figures have shown. Just 469,000 people earning more than £150,000 a year will account for almost £20 billion of additional income tax paid to the Treasury, a record high according to the Office for Budget Responsibility (OBR).

Senior Conservative MPs on the Treasury select committee called on Philip Hammond, the Chancellor, to look again at the tax system in the wake of the figures and warned that the burden should be spread more widely. The number of people paying the additional 45 percent rate has increased from 0.75 percent in 2010 to 1.1 percent today and will rise further to 1.5 per cent in 2021 as a result of the threshold being frozen by successive Chancellors. More people will pay no tax at all on their income in 2021 than those who pay the top rate, OBR analysis has shown. But there are fears that additional rate taxpayers may choose to move their money into incorporated companies instead, in order to avoid higher tax bills.The OBR estimates the Government may lose more than £3 billion in tax it expects to bring in from those earning more than £150,000 a year because of such a  shift.

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Hard Brexit could cost the UK £10bn in lost taxes

Tuesday, October 4th, 2016

philip-hammond-8-2016.jpg

UK banks fear they may lose passporting, or the ability to do business with the whole of the EU in the event of a ‘hard Brexit’ Chancellor Philip Hammond is to present his first budget statement in November, setting out how the government will use tax and spending plans to shore up the UK economy after the vote to leave the EU Getty. A so called “hard Brexit” deal, which would see the UK drifting away from cooperation with the rest of the EU, could cost the UK billions in lost taxes, treasury officials have privately warned. The hardline approach to UK’s vote to leave the EU – favoured by some leading Conservative Eurosceptic ministers – includes leaving the European single market and ending free movement.

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UK borrowing falling slower than hoped despite July surplus – as it happened

Thursday, September 8th, 2016

Skyscrapers in the City of London.

US rig numbers rise for eighth week

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