Not exact matches
The party plans to make up the money by restricting
tax relief on
pension contributions to the basic
rate,
taxing capital gains at marginal income
tax rates, allowing for indexation and retirement
relief, tackling stamp duty land
tax avoidance and corporation
tax avoidance and by subjecting benefits in kind to national insurance contributions as well as income
tax and applying national insurance to multiple jobs.
Whatever happened, for example, to the mansion
tax on properties worth more than # 2m or restricting
tax relief on
pensions to the basic
rate of income
tax - both commitments included in the Liberal Democrat manifesto?
We will fund this by a repeat of the
tax on bank bonuses and by restricting
pension tax relief for the very highest earners to the same
rate as the average taxpayer.
Many predict Osborne will raise the personal allowance (the amount one can earn before paying income
tax), implement a
tax relief on
pension contributions, and / or scrap the 50p
tax rate.
«This is particularly pressing in respect of
pensions, where the new starter and intermediate
rates of
tax may mean that increasing numbers of Scots may have to enter self - assessment in order to ensure that they not only obtain the appropriate amount of
tax relief, but understand clearly their
tax position.
At the very least it must not be contemplated without revisiting the Liberal Democrats» other manifesto commitments for a mansions
tax and restricting
tax relief on
pensions to the basic
rate of income
tax.
Options include an end to
tax relief on
pension contributions for higher -
rate taxpayers, an «accessions
tax» to replace inheritance
tax, and further increases in capital gains
tax.»
The disappointing poll
rating comes after it emerged last week that Mr Brown had ignored Treasury warnings that his 1997 decision to scrap
tax relief on share dividends could create a # 75 billion
pensions black hole.
Under «
relief at source» arrangements, members of
pension schemes who do not pay income
tax are nonetheless permitted to basic
rate tax relief (20 per cent) on
pension contributions up to # 2,880 a year.
Mr Smith also vowed to reform
pensions tax relief, introducing a flat -
rate between 25 % and 30 % to help increase the
pension pots of all basic
rate taxpayers.
A Cable chancellorship with Labour backing could be bold in redistributing the
tax burden - ending higher -
rate tax relief on
pensions, closing
tax loopholes at the top and reducing the share paid by lower earners.
That this House declines to give a Second Reading to the Welfare Benefits Up -
rating Bill because it fails to address the reasons why the cost of benefits is exceeding the Government's plans; notes that the Resolution Foundation has calculated that 68 per cent of households affected by these measures are in work and that figures from the Institute for Fiscal Studies show that all the measures announced in the Autumn Statement, including those in the Bill, will mean a single - earner family with children on average will be # 534 worse off by 2015; further notes that the Bill does not include anything to remedy the deficiencies in the Government's work programme or the slipped timetable for universal credit; believes that a comprehensive plan to reduce the benefits bill must include measures to create economic growth and help the 129,400 adults over the age of 25 out of work for 24 months or more, but that the Bill does not do so; further believes that the Bill should introduce a compulsory jobs guarantee, which would give long - term unemployed adults a job they would have to take up or lose benefits, funded by limiting
tax relief on
pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional
rate of income
tax is being reduced, which will result in those earning over a million pounds per year receiving an average
tax cut of over # 100,000 a year.
Recent CentreForum reports, «
Tax and the coalition» (pdf) and «A relief for some» (pdf), proposed limiting tax relief on contributions to pensions to the standard 20p rate and restricting the lump sum which can be taken tax - free on retirement to # 42,475 (the rate at which higher rate tax starts) rather than the current # 450,0
Tax and the coalition» (pdf) and «A
relief for some» (pdf), proposed limiting
tax relief on contributions to pensions to the standard 20p rate and restricting the lump sum which can be taken tax - free on retirement to # 42,475 (the rate at which higher rate tax starts) rather than the current # 450,0
tax relief on contributions to
pensions to the standard 20p
rate and restricting the lump sum which can be taken
tax - free on retirement to # 42,475 (the rate at which higher rate tax starts) rather than the current # 450,0
tax - free on retirement to # 42,475 (the
rate at which higher
rate tax starts) rather than the current # 450,0
tax starts) rather than the current # 450,000.
The Conservative Party's favourite Liberal Democrat will recommend a mansions
tax and cutting
pension relief for higher -
rate taxpayers.
«In the Budget I set out the
tax increases we were prepared to make, including on capital gains at the higher
rate,
pension relief on the largest contributions and... a permanent levy on banks.
Abolishing higher
rate tax relief on
pension contributions was much less so — 42 % supported and 31 % opposed.
Either you pay from your own pocket and then you get income
tax relief on the payment, i.e. your gross salary is reduced by the gross
pension contribution and income
tax is recalculated with the excess either refunded to you or put in your
pension (the details are a bit more complicated depending on your marginal
tax rate, but the end result is the same).