Think tank highlights impact of tax changes
21 May 2008 17:10
A new study has concluded that up to 18 million UK families could end up losing out financially as a result of the 2008 Budget, it has been reported.
An Institute for Fiscal Studies (IFS) think tank found that households will lose an average £150 a year extra following this year's reforms to taxation, according to the BBC.
IFS director Robert Chote is also quoted by the news agency as stating: "By announcing a big one-off increase in the personal allowance this year, Alastair Darling […] has created millions of potential losers next year.
"If public sector borrowing ends up permanently higher as a result, it will further undermine the credibility of the government management of public finances."
In news which may be of interest to those in tax jobs, the IFS further stated that government finances could be placed under significant stress by maintaining the allowance hike in future years.
The IFS is an independent organisation which analyses changes in monetary policy in terms of the impact on UK households through detailed research and analysis.
An Institute for Fiscal Studies (IFS) think tank found that households will lose an average £150 a year extra following this year's reforms to taxation, according to the BBC.
IFS director Robert Chote is also quoted by the news agency as stating: "By announcing a big one-off increase in the personal allowance this year, Alastair Darling […] has created millions of potential losers next year.
"If public sector borrowing ends up permanently higher as a result, it will further undermine the credibility of the government management of public finances."
In news which may be of interest to those in tax jobs, the IFS further stated that government finances could be placed under significant stress by maintaining the allowance hike in future years.
The IFS is an independent organisation which analyses changes in monetary policy in terms of the impact on UK households through detailed research and analysis.
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