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...He has also promised to cut income tax to 16p if he wins the next election. One Tory MP, when told that Hunt intended to cut national insurance and not income tax, said simply: “Oh no.”...
...No tax is payable on savings interest, dividends or capital gains, and withdrawals are not subject to income tax....
...There would need to be increases to income tax, national insurance or VAT to raise the funds that would be needed....
...The US is urging Europe to slash taxes on earnings from frozen Russian assets as part of a proposal to fund Ukraine by borrowing against future profits that it says will free up $50bn....
...This article is part of the Financial Times free schools access programme. Details/registration here....
...(More spending on education, for example, can boost an emerging or developing country’s national income by nearly twice as much.)...
...Isa savers are exempt from paying tax on savings interest, dividends or capital gains on funds held in Isa accounts. Withdrawals are also not subject to income tax....
...and Wealth: Spain to push through minimum income guarantee to fight poverty Trading blocs: The chain of events that led to Germany’s change over Europe’s recovery fund Public goods: Any Covid-19 vaccine...
...Some Tory MPs believe income tax should have been cut rather than national insurance. “People don’t really understand national insurance,” complained one....
...However, he would be loath to lose some of his current crop such as Aviva, M&G and Taylor Wimpey, as they are “such marvellous tax-free income generators within my Isa”....
...“Your fingerprints are on every one of our national missions,” he said. Reeves pledged that corporation tax would not rise above 25 per cent during the next parliament....
...Broadly, the foreign trust gains and income are only subject to UK tax when trust funds are distributed to UK residents....
...No regulated advice or guidance (which is free from the government-backed Pension Wise service) was sought for 37 per cent of income drawdown plans taken out in the 2022-23 tax year....
...free speech....
...This is because while income tax is payable on bond coupons, no tax is paid on the increase between the purchase and sale price — or its maturity value....
...For example, if you paid £25 per share but they were worth £75 at exercise you would be subject to income tax (and possibly national insurance) on £50 per share....
...As gains from the sale of someone’s principal or sole residence are tax free, the cash generated by downsizing will also be free from tax....
...Conservative insiders briefed on the prime minister’s thinking said he wanted to promise tax cuts at the election to build on expected reductions to income tax or national insurance in next month’s Budget...
...The thing lots of Treasury wonks will tell you is the other joy of using national insurance is because it’s a more popular tax than income tax....
...Plus, just a couple of years ago, we increased the tax-free allowance for National Insurance contributions as well....
...The tax reductions would bolster economic output, he argued, creating extra revenues to fund public services....
...We could merge income tax and national insurance. You could do that and still have a lower rate for pensioners if you wanted. it would be much more transparent. It would be a much better system....
...It also weakens the incentive to spend stealthy tax increases, such as leaving income tax thresholds frozen at a time of real inflation....
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...Clearly, debt accumulation in excess of national income growth cannot continue forever and raises questions about debt sustainability....
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