More tax trauma

Article Abstract:

The UK tax system is changing to self-assessment and some 1.5 million taxpayers have been sent new bills under the scheme. There are 9 million tax payers affected by self-assessment and around 7.5 million of these will receive normal tax returns in 1997. The initial 1.5 million taxpayers are largely those who have a geat deal of investment income, in addition to some self-employed taxpayers. The sum owed depends on tax paid the previous year. Meanwhile the Inland Revenue to reducing interest paid on tax overpaid and raising interest charged to taxpayers making late paymnets.

Laws, regulations and rules, United Kingdom. Board of Inland Revenue

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Swings and roundabouts

Article Abstract:

A number of welfare reforms have been introduced in the United Kingdom to aid poorer working families with children. They include changes to national insurance contributions which will benefit all taxpayers, and a tax credit for child care for lower earners. Child benefit is being increased and is not being taxed. Meanwhile, tax relief on mortgage interest payments is being reduced from April 1998, the allowance for married couples is being reduced, and taxes have been increased for cigarettes, alcoholic drinks and gasoline.

Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs), Income Security, Welfare reform, Domestic economic assistance

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Trading pay for profits

Article Abstract:

The UK government may reduce the tax advantages of profit-related pay (PRP) schemes. These schemes cover more than 2.5 million people and 1.5 billion pounds sterling is lost from tax revenue. Tax relief on these schemes may not completely disappear but it is likely to be reduced. PRP has been popular and offers advantages to employers and employees, though it is less popular among employees in lean years. There could be pressure to boost basic wages if these schemes are abolished.

Profit sharing

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