HMRC claws back £1.5bn but basic rate taxpayers may face ‘high income’ charge from April | Personal Finance | Finance

0
33


“Since then, the point at which 40 percent income tax becomes payable has risen to £50,000, while the threshold for the ‘high income’ Child Benefit tax charge has remained the same.

“If, as expected the threshold for paying 40 percent income tax increases above £50,000 in the Budget, we could see some basic rate taxpayers impacted by the charge for the first time.”

The figures come following an HMRC clampdown on those who fail to declare and pay the tax.

Compliance checks made by HMRC nearly doubled from 63,591 in 2018/19 to 125,594 in 2019/20 and 96 percent of those checks resulted in a tax bill.

Mr McCann added: “Many are unaware of this complex tax and the fines for failing to pay it.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here