The Revenue initially considered a 5% discount with an upper limit for high earners.
But according to the chancellor commenting on TheStreet.co.uk, it has now been decided the limit will be fixed at £10 for individual taxpayers and £100 for companies, a split of £50 for submittingVAT forms to Customs & Excise and £50 to the Inland Revenue.
The tax windfall is part of the Government’s goal to make the Internet more attractive for tax payers and the wider plan to make all governmentservices electronically accessible by 2008.
Plans for such a move were announced in an Inland Revenue and HM Customs and Excise e-commerce paper after an initial announcement in the last Budget,but the Revenue has only begun to address the level of the rebate seriously in recent months.
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