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Introduction of a new 20p rate of income tax for the first £2,000 of earnings; Personal allowances to rise with inflation, but 40p top tax rate remains unchanged; Tax on sale of new cars halved to 5%; Excise duty on betting reduced from 8% to 7.75%; Duty on beer increased by 1p; Duty on wine increased by 5p a bottle; Duty on spirits increased ...
In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level.
[1] [3] [4] Furthermore, the personal tax allowance was increased by 7.4%, double the rate of inflation. [5] Corporation tax was also reduced from 27% to 25% for smaller companies. [ 5 ] Inheritance tax was simplified, with the four rates between 30% and 60% replaced by a single 40% rate, while the threshold at which inheritance tax was levied ...
20% rate of income tax extended by £500 to £2,500; 25% basic rate of income tax frozen; 40% higher income tax rate frozen at £23,700; Personal tax allowances frozen; VAT on domestic fuel to be charged at 8% from April 1994, rising to 17.5% from April 1995; Stamp duty threshold increased; Mortgage relief reduced to 20%; Excise duty on petrol ...
Claim that £130 of tax to be collected on everyone receiving state pension relies on tax thresholds staying frozen longer than anticipated. Fact check: Projections of fiscal drag effect on ...
In May 2008, the Chancellor of the Exchequer announced that the 2008–09 personal allowance would be increased by £600 (from £5435 to £6035) [10] to help low-income tax-payers affected by the abolition of the 10% starting rate of income tax. At the same time, the threshold for higher rate income tax was reduced by £600, so that higher rate ...
Personal tax allowances frozen for two consecutive years [4] 20p tax band extended by £500 to £3,000 [h] [4] Blind Person's Tax Allowance to increase from £1,080 [i] to £1,200 [j] [4] Married Couples' Tax Allowance to fall to 20% in 1994 and 15% in 1995 [4] Mortgage interest relief to fall from 25% to 20% in 1994, and to 15% in 1995 [4]
The department had about 9,000 core personnel, as of January 2008. [5] In October 2008, the climate team at Defra was merged with the energy team from the Department for Business Enterprise and Regulatory Reform (BERR), to create the Department of Energy and Climate Change, then headed by Ed Miliband. [6]