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National Insurance

All articles tagged with #national insurance

finance1 year ago

"Budget 2024: Unraveling Taxation on Pensions and Britain's Latest Tax Cuts"

BBC experts answer questions about the impact of Chancellor Jeremy Hunt's Budget on personal finances, including concerns about pension tax, the delayed vaping tax, changes to child benefit thresholds, effects on low earners, and the implications of the 2% National Insurance cut. The freezing of tax thresholds is expected to drag more pensioners into paying income tax, while the Budget's impact on National Insurance contributions and the state pension is also discussed.

via BBC.com|
#budget-2024#finance#national-insurance
business1 year ago

"Understanding Britain's Latest Tax Cuts and Budget 2024 Impact"

In preparation for the upcoming general election, Britain's chancellor of the Exchequer, Jeremy Hunt, announced tax cuts for nearly 30 million workers, reducing the National Insurance payroll tax by two percentage points for employees and self-employed workers. The move is aimed at providing relief to workers and stimulating economic growth, with the changes being offset partly by other tax increases. The announcement had minimal impact on the British pound and government bonds, and was accompanied by economic and fiscal impact forecasts by the Office for Budget Responsibility.

via The New York Times|
#budget#business#economy
politics1 year ago

"Spring Budget 2024: National Insurance, Tax Cuts, and the End of Non-Dom Regime Explained"

The recent UK Budget has sparked debate over whether the country is heading towards "Austerity 2.0" as politicians and experts weigh in on the impact of tax cuts and spending plans. Chancellor Jeremy Hunt defended the Budget as part of a long-term plan, while Labour's shadow chancellor Rachel Reeves criticized it as an "omnishambles." Key measures include a 2p cut in National Insurance, extension of the Household Support Fund, and changes to tax thresholds and benefits. Questions also arose about the impact on public services, income tax, National Insurance, and government forecasts.

via BBC.com|
#budget#government-spending#national-insurance
politicseconomy1 year ago

"U.K. Budget: Tax Cuts and Election Hopes"

Newspapers have given mixed reviews to chancellor Jeremy Hunt’s pre-election budget, with The Guardian calling it a "last desperate act" and The Mirror echoing Keir Starmer’s verdict that "We deserve better." The i highlighted the highest tax levels since 1948 and Labour ruling out taxing the wealthy, while The Metro reported on tax cuts and battle lines drawn for the election. The Financial Times noted the chancellor's aim at Labour's poll lead, while The Daily Telegraph took a more positive view, focusing on the ambition to abolish National Insurance. The Daily Mail reported on a radical election pledge to abolish National Insurance, but some Tories expressed doubt. The Times highlighted tax cuts for workers and parents, and The Express declared the country "ready for take off!" Meanwhile, The Sun chose to focus on the sale of Prince Harry’s underpants in a different angle on the budget.

via The Guardian|
#budget#election#jeremy-hunt
politics1 year ago

Jeremy Hunt Vows Prudent and Responsible Tax Cuts in Budget 2024

Chancellor Jeremy Hunt aims to lower taxes in a responsible manner, emphasizing the need for "long-term growth" and prudent fiscal decisions. With pressure to reduce taxes ahead of the upcoming general election, Hunt is considering measures such as a further cut to National Insurance. However, the government's independent economic forecaster has indicated limited scope for tax reductions. The possibility of raising revenue through measures like a new tax on vapes and scrapping non-dom tax status is also being considered.

via BBC.com|
#budget-2024#jeremy-hunt#national-insurance
economy2 years ago

UK Government's Tax Cuts Fail to Benefit Workers, Critics Say

The UK government has announced a substantial cut to the National Insurance tax on workers, but the benefit will be overshadowed by existing freezes on personal tax thresholds, known as the "fiscal drag." While the tax cut will save workers money, frozen tax thresholds mean that more people will be pushed into higher tax brackets as nominal wages rise. The Office for Budget Responsibility estimates that these freezes will raise £44.6 billion by 2029, compared to the £180 million reduction from the National Insurance cut. This has led to concerns that the burden of funding future spending commitments will fall on younger workers, as the population ages and retirement grows.

via CNBC|
#economy#fiscal-drag#frozen-tax-thresholds
economy2 years ago

"UK's Jeremy Hunt's Budget Announcement: Benefits Raised, Alcohol Duty Frozen"

UK Finance Minister Jeremy Hunt announces a major tax cut, reducing employee National Insurance from 12% to 10% and scrapping the "class 2" NI charge for self-employed individuals. He also confirms a permanent business tax break and £4.5 billion in funding for British manufacturing. The UK economy's growth forecast is downgraded, with GDP projected to grow by 0.6% this year and 0.7% next year. Hunt also pledges an additional £500 million investment in artificial intelligence. Other measures include an increase in the National Living Wage, cuts to alcohol duty, and a rise in tobacco duty.

via CNBC|
#business-tax#economy#manufacturing-funding
economy2 years ago

Jeremy Hunt's Tax Cut Dilemma: Balancing the Economy and Public Perception

UK Chancellor of the Exchequer Jeremy Hunt is reportedly considering cutting income tax or national insurance for lower and middle earners in his budget update next week. He may also delay a planned reduction in inheritance tax due to concerns about benefiting the wealthiest individuals. Hunt's options are limited due to heavy state spending on the pandemic and rising energy prices, but he is expected to have some room for giveaways before running into fiscal trouble. Other potential measures being discussed include raising income tax thresholds and adjusting the reference month for linking benefits to consumer prices.

via Reuters UK|
#budget-update#economy#income-tax