New income tax rate set at 45%
The government has today introduced the new 45% tax rate for those earning over £150,000 per year but this is not planned to come into force until 2011. This has caused obvious concern within the Conservative party and while they have not commented specifically on the new tax, for fear of falling into a government trap, there are grave concerns that Conservative supporters will demand a clear strategy for the new income tax band.
This appears to be more of a political move that a fiscal move with the new tax band only affecting the top 1% of taxpayers in the UK and said to only raise a paltry £4 billion. At the same time as introducing this new tax rate the government has also confirmed that each basic rate taxpayer will be £145 better off next year due to changes in the tax bands. It is hoped that consumers will use this increased income wisely and it should hopefully instigate some form of economic recovery.
The Chancellor has caught many people off guard with his tax changes even though a number of the main ones where already leaked to the press. The 45% tax rate band had been kept under wraps until late last night and appears to have gone down well with traditional Labour supporters.
UK government could lose £500 million at bingo
It has been revealed that Rank group, the holding company for Mecca bingo, has won a decisive court ruling against the UK Treasury. Judges ruled that Rank had overpaid VAT to the tune of £62 million on takings from slot machines and mechanised cash bingo machines. Ultimately the case hinged on whether similar machines were treated differently because of the services available, something which is...Read More
Annual undetected fraudulent insurance claims said to top £1.9 billion
The Association of British Insurers (ABI) has today confirmed that in its opinion undetected fraudulent insurance claims are topping £1.9 billion year. As a consequence of the increase in fraudulent insurance claims the average policy in the UK is now £44 more expensive purely and simply to pay for these illegal activities. So how are detection rates faring in the UK insurance sector?
What does the EU do for you?
As money gets tighter in the UK and more and more of the population continue to suffer from a rising cost of living some people are starting to ask whether the UK's contributions to the European Union are working - are they making a difference to your life?
The fundamental problem with the EU and the EU parliament is the fact that many of those working there are unelected and seem t...
EC threatens to blow apart Magna takeover of GM Europe
The much-publicised takeover of GM Europe by Canadian spare part company Magna has attracted the attention of the European Commission only 48 hours after a deal was apparently signed. The talks had been held predominately in Germany, where the vast majority of GM Europe operates from, and there is concern about a £4 billion subsidy which the German government has promised Magna and what exactly t...Read More
Government forced to fight back in pension battle
The UK government has today been forced to confirm that the age of retirement will not rise above and beyond 68, which is due to come in by 2046. When compared against the current retirement ages of 60 for women and 65 for men, the proposed increase to 68 has already been confirmed but yesterday the Pensions Regulator suggested that the retirement age in UK would have to increase to above 70 years...Read More