{"id":8592,"date":"2016-03-19T14:01:03","date_gmt":"2016-03-19T07:01:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/theres-a-tax-the-chancellor-doesnt-mention-its-national-insurance\/"},"modified":"2016-03-19T14:10:25","modified_gmt":"2016-03-19T07:10:25","slug":"theres-a-tax-the-chancellor-doesnt-mention-its-national-insurance","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/theres-a-tax-the-chancellor-doesnt-mention-its-national-insurance\/","title":{"rendered":"There\u2019s a tax the chancellor doesn\u2019t mention: it\u2019s national insurance"},"content":{"rendered":"


\nFor every extra \u00a31 George Osborne has taken in income tax since becoming chancellor, he has grabbed \u00a32 more in NIEvery chancellor talks about tax-cutting, George Osborne more than most. Each of his budget speeches has been laced with claims about how many people he has taken out of paying tax by raising the personal allowance. And it\u2019s largely true: the total amount paid in income tax in the UK was \u00a3132.2bn when Osborne became chancellor in 2010-11. By 2014-15 it had risen to \u00a3139.5bn, an increase of 5.5% but less than inflation over the same period. But the reason why your pay packet still seems to have the same or more tax coming out is that other bit of income tax Osborne doesn\u2019t like talking about. It\u2019s called national insurance, and since Osborne became chancellor he has increased the NI take from \u00a396.5bn to \u00a3110.4bn. For every extra \u00a31 Osborne has taken in income tax, he has grabbed \u00a32 more in NI.In this week\u2019s budget he used the same sleight of hand: he banged on about taking loads of people out of the 40% higher rate tax band, in a saving worth \u00a3400 to the \u201csqueezed middle\u201d, while quietly raising NI on the side. As Mark Seaden of accounting firm BDO points out: \u201cThe increase in the upper earnings limit for NI will see \u00a3200 of these savings eroded for those earning over \u00a345,000.\u201d Osborne has also frozen the starting point for NI from April 2016, which inevitably means that more people will be pulled into paying it, in what economists call \u201cfiscal drag\u201d. Continue reading…
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\nSource : theguardian.com
\nRead more…There\u2019s a tax the chancellor doesn\u2019t mention: it\u2019s national insurance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For every extra \u00a31 George Osborne has taken in income tax since becoming chancellor, he...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8592","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2eA","jetpack-related-posts":[{"id":25775,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chancellor-dismantles-key-osborne-pledge-to-cut-corporation-tax\/","url_meta":{"origin":8592,"position":0},"title":"Chancellor dismantles key Osborne pledge to cut corporation tax","date":"September 12, 2016","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Chancellor dismantles key Osborne pledge to cut corporation tax","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8582,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tampon-tax-scrapped-announces-osborne\/","url_meta":{"origin":8592,"position":1},"title":"Tampon tax scrapped, announces Osborne","date":"March 19, 2016","format":false,"excerpt":"\r Chancellor claims he and David Cameron had persuaded EU partners to reach an agreement that made \u2018common sense on VAT\u2019over female hygiene productsGeorge Osborne has announced that he will abolish the tampon tax \u2013 the 5% VAT charged on women\u2019s sanitary products \u2013 after the prime minister raised the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pensions-isa-what-is-the-chancellor-considering\/","url_meta":{"origin":8592,"position":2},"title":"Pensions Isa: what is the chancellor considering?","date":"March 4, 2016","format":false,"excerpt":"\r George Osborne could change the tax relief available on pensions, so they are treated similarly to Isas, in the March budgetThe chancellor, George Osborne, is reported to be considering making radical changes to pensions that could be announced as soon as this month in his budget statement.What changes could\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8242,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landlords-and-traders-receive-2000-tax-allowance-to-boost-sharing-economy\/","url_meta":{"origin":8592,"position":3},"title":"Landlords and traders receive \u00a32,000 tax allowance to boost 'sharing economy'","date":"March 16, 2016","format":false,"excerpt":"\r Property and trading income will be included in the tax-free allowance for individuals from April 2017, the Chancellor has announcedOnline merchants and short-term landlords were given a gift in the budget, with two new \u00a31,000 tax-free allowances offered on income from those sources.Intended to boost the number of \u201cmicro-entrepreneurs\u201d\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5374,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4bn-raid-on-pension-savings-likely-says-former-osborne-adviser\/","url_meta":{"origin":8592,"position":4},"title":"\u00a34bn raid on pension savings likely, says former Osborne adviser","date":"February 22, 2016","format":false,"excerpt":"\r Steve Webb says tax-free lump sum \u2018could be on the brink of extinction without anyone noticing\u2019A former adviser to George Osborne has said the chancellor is likely to mount a \u00a34bn raid on pension savings by scrapping tax-free allowances on lump sums in a bid to save more cash\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6912,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/george-osborne-backs-down-on-radical-pension-reform\/","url_meta":{"origin":8592,"position":5},"title":"George Osborne backs down on radical pension reform","date":"March 5, 2016","format":false,"excerpt":"\r Less than a fortnight before the budget chancellor fears backlash from affluent votersGeorge Osborne has been forced to abandon a package of pension reforms, including reducing tax relief for higher earners, amid growing concern that their introduction could have prompted a backlash from affluent voters. 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