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Continuing our analysis of what the Finance Bill committee should have said
KEY POINTS
- Surprise at speed with which age allowance change was implemented.
- Real loss for those not reaching 65 until after 5 April is £268 per year.
- Benefit for basic rate taxpayers Is proportionately less when NI contributions included.
- Poorest households not helped at all by personal allowance increase.
The first two sittings of the committee studying the Finance Bill looked primarily at personal allowances including the abolition of the age allowance and at rates of tax. It was as usual mostly political point-scoring and strayed off-topic into the so-called bedroom tax and other areas.
In line with Taxation’s new policy for reporting these debates only the relevant comments from the committee are given here together with some analysis of what the committee perhaps should have concentrated on.
Catherine...
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