TaxPersonal TaxPersonal taxes in the Budget

Personal taxes in the Budget

For many personal taxpayers, the unknown charges on mortgages, marriage and national insurance more than outweigh the basic rate cut and the indexation of allowances.

In broad terms:

  • tax payers over 65 will be better off if they have no mortgage
  • someone on one and a half times average earnings with a mortgage and married will be £175 worse off after 5 April 2000
  • the increase of £2,000 in the ISA limit is an astute move to head off criticism of the complexity of the scheme.Overall the chancellor has redistributed from those in reasonably paid work in favour of working families and those moving in to work.

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