Archive for the ‘Tax News’ Category

What is this new Child Benefit tax? The Chancellor has announced that as of 7th January 2013 there will be massive changes to the Child Benefit regime. In simple terms the new rules mean that anyone earning over £50,000 will be subject to a new Child Benefit tax (officially called High Income Child Benefit charge) if they continue to receive Child Benefit. If you earn over £60,000 the tax will normally equal the Child Benefit, mean you may as well not claim the Child Benefit. This new tax will be collected by 'forcing' anyone earning over £50,000 to complete a tax return. ...