Chancellor Alistair Darling was forced to defend his decision to borrow
£2.7bn in this financial year to fund a £120 hand-out to each low- and
middle-income household to compensate for the abolition of the 10p tax band.
Despite telling the
Treasury committee he did not believe the loan would put the rules at risk,
his margin to move in his autumn pre-Budget report would be extremely tight as
pressure is mounting from Labour MPs for more tax cuts to help low-income
families, the Financial Times reports.
Darling would not commit to an extension of the £2.7bn compensation package
beyond the 2009 Budget, despite warnings from MPs on the committee that
withdrawing it could leave 13m households worse off.
He also told the Commons committee he did not expect a budget windfall from
higher revenues because of the soaring oil prices – Treasury revenues would
suffer in other areas, including a general economic slowdown.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay