The 24 Tory Tax Rises
1. VAT increased – to 20 per cent from 2011
2. Income Tax age-related allowances frozen and eligibility restricted (“Granny Tax”) from 2013-14
3. Income Tax higher rate threshold cut to £42,475 in 2011-12
4. Higher Income Child Benefit Charge introduced 2013
5. National Insurance Contributions rates, limits and thresholds increased in line with CPI rather than RPI from 2012-13
6. Income Tax higher rate threshold frozen at £42,475 in 2012-13
7. Insurance premium tax increased – from 2011
8. Capital Gains Tax increased – to 28 per cent for higher rate taxpayers from June 2010
9. New Beer Duty introduced on high strength beers from 2011
10. Duty on hand-rolling tobacco increased by an additional 10 per cent from 2011-12
11. ISA subscription limit uprated in line with CPI rather than RPI from 2012-13
12. National Insurance Contributions changes to contracting-out rebates from 2012-13
13. Capital Gains Tax annual exempt amount frozen, 2012-13
14. Stamp Duty Land Tax increase to 7 per cent on properties over £2 million from 2012-13
15. VAT increases on a range of items, including caravans, sports drinks, and listed buildings from 2012
16. Duty on tobacco increased by RPI + 5 per cent in 2012
17. Income Tax higher rate threshold cut to £41,450 in 2013-14
18. Capital Gains Tax annual exempt amount increased in line with CPI rather than RPI from 2013-14
19. Income Tax cap on reliefs introduced from 2013-14
20. Pension tax relief restricted from 2014-15 21.
21. Income Tax higher rate threshold Increase capped at 1 per cent in 2014-15 and 2015-16
22. Capital Gains Tax annual exempt amount increase capped at 1 per cent, 2014-15 and 2015-16
23. Inheritance Tax threshold frozen in 2015-16
24. National Insurance Contributions ending of contracting-out rebates from 2016-17
2. Income Tax age-related allowances frozen and eligibility restricted (“Granny Tax”) from 2013-14
3. Income Tax higher rate threshold cut to £42,475 in 2011-12
4. Higher Income Child Benefit Charge introduced 2013
5. National Insurance Contributions rates, limits and thresholds increased in line with CPI rather than RPI from 2012-13
6. Income Tax higher rate threshold frozen at £42,475 in 2012-13
7. Insurance premium tax increased – from 2011
8. Capital Gains Tax increased – to 28 per cent for higher rate taxpayers from June 2010
9. New Beer Duty introduced on high strength beers from 2011
10. Duty on hand-rolling tobacco increased by an additional 10 per cent from 2011-12
11. ISA subscription limit uprated in line with CPI rather than RPI from 2012-13
12. National Insurance Contributions changes to contracting-out rebates from 2012-13
13. Capital Gains Tax annual exempt amount frozen, 2012-13
14. Stamp Duty Land Tax increase to 7 per cent on properties over £2 million from 2012-13
15. VAT increases on a range of items, including caravans, sports drinks, and listed buildings from 2012
16. Duty on tobacco increased by RPI + 5 per cent in 2012
17. Income Tax higher rate threshold cut to £41,450 in 2013-14
18. Capital Gains Tax annual exempt amount increased in line with CPI rather than RPI from 2013-14
19. Income Tax cap on reliefs introduced from 2013-14
20. Pension tax relief restricted from 2014-15 21.
21. Income Tax higher rate threshold Increase capped at 1 per cent in 2014-15 and 2015-16
22. Capital Gains Tax annual exempt amount increase capped at 1 per cent, 2014-15 and 2015-16
23. Inheritance Tax threshold frozen in 2015-16
24. National Insurance Contributions ending of contracting-out rebates from 2016-17
My reaction was that virtually all affected people on higher incomes, and those that did not would almost certainly have been in Labour's first budget if they had been in government after the 2010 election. For instance, we know that Darling's spending plans assumed a VAT rise to 19%. He had also initiated the freeze on the Higher Age Allowance (the "granny tax") and was unlikely to have eased it in 2010.
No comments:
Post a Comment