Working families tax credit left out of Portillo's Tory U-turns
Shadow chancellor Michael Portillo has omitted the working families tax credit from a list of Labour reforms he said the Tories would keep in the event that they gained power.
Shadow chancellor Michael Portillo has omitted the working families tax credit from a list of Labour reforms he said the Tories would keep in the event that they gained power.
Portillo – who announced the Conservatives’ u-turns over Bank of Englandindependence and the minimum wages – ignored the tax allowance during hisfirst performance at the despatch box in the Commons.
A Treasury questions session saw Tory spokesman Howard Flight denounce itfor costing employers £100 million to administer and for allowing claimsfrom families with incomes as high as £38,000.
Flight also accused chancellor Gordon Brown of ‘creative accounting’ byfailing to put the national accounts ‘on a reliable footing’ by treatingthe allowance as a tax cut instead of a social security spending increase.
The contrasting treatment of WFTC by the Opposition suggested its abolitionwould be high on their priority list.
Portillo begins new job by pledging to keep in place Labour reforms
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article