UK Money News
31st January 2008
Families hit by added tax burden
Families will be paying an extra £2,600 per year in tax by 2012 to fund the government's spending and borrowing commitments, according to an independent study.
According to a report from the Institute of Fiscal Studies, families are set to earn an average £5,500 per year by 2012, but more than half of this will be swallowed up by taxes.
The taxation hike, which experts say is required to plug a funding gap recently exacerbated by the state of the economy, will bring the total paid out annually by a typical family to £20,000 per year.
Maurice Fitzpatrick, a tax expert at accountants Grant Thornton, said the move would put extra pressure on families who are already struggling financially.
He told the Daily Mail: "The woeful state of the public finances, despite strong economic growth in recent years, make tax rises almost inevitable as the economy cools.
"Tax rises round the corner will cost the average family dearly and add to the pressure already mounting on Britain's economy."
back to January's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
