Raising National Insurance contributions may be controversial because it affects those of working age rather than pensioners. Professor Cam Donaldson, who is an expert in health economics at Glasgow Caledonian University, says the strategy could be a “political ploy” by the UK government to avoid the use of the word “taxation”. The Conservative manifesto committed to no rises of income tax, National Insurance or VAT. “My view would be to go for a fairer (more progressive) taxation system whereby the richer pay more on additional income earned,” said Prof Donaldson.. “Time has long since passed by the ability of National Insurance to pay for much of anything.
| UPDATED: 22:27, Wed, Mar 17, 2021
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Inheritance tax nil-rate bands were frozen at existing levels until April 2026 in the recent Budget, however, with the Government’s Tax Day approaching, there may still be changes set to take place. Hot on the heels of the early March Budget, the Government is set to publish a range of tax consultations and calls for evidence on March 23. This is part of the specific tax administration day the Government has set aside this year, independent of the Budget announcements.
Pension: Extra £100 in monthly contributions could boost pot by £15,288 over a decade express.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from express.co.uk Daily Mail and Mail on Sunday newspapers.
PERSONAL ALLOWANCE is the term used for the portion of taxable income a person can earn at a zero percent Income Tax rate. The Personal Allowance will rise next month, ahead of a five-year freeze.
| UPDATED: 15:35, Fri, Mar 12, 2021
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Chancellor Rishi Sunak set out his Budget earlier this month as the UK economy continues to suffer during the pandemic. He announced various policies, including an increase in corporation tax from 19 percent to 25 percent by 2023 – sweetened with £25billion incentives for businesses. Pension lifetime allowances will also be frozen as Mr Sunak looks to increase the amount of people paying duties via a stealth tax. However, the Budget was largely light on major tax changes, despite fears the self-employed could be targeted.