Reuters: US Dollar Report: UK govt cuts income, corporate taxes

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UK govt cuts income, corporate taxes Mar 21st 2012, 13:37 LONDON, March 21 | Wed Mar 21, 2012 9:37am EDT LONDON, March 21 (Reuters) - Britain's government will cut income taxes and speed up cuts to corporate taxes, funding the measures with levies on banks and wealthy property owners, finance minister George Osborne said in his 2012 budget statement on Wednesday. The 50 percent income tax band for earners of more than 150,000 pounds -- introduced by the previous Labour government -- will fall to 45 percent from April 2013 onwards, Osborne said. But the threshold for income tax will rise to 9,205 pounds per year, more than previously announced, taking effect with the 2012/2013 tax year. "We'll be five times more money each and every year from the wealthiest in our society," he said. While the cut in the top tax rate will please many in Osborne's Conservative party, the rise in the level from which people start paying income tax fulfills the calls from the Liberal Democrats, the junior partner in the coalition. To fund this, a new 7 percent stamp duty on sales of property worth more than 2 million pounds will be introduced, Osborne said. Osborne also announced to cut corporation tax faster and further than so far planned while in turn raising the levy on banks' balance sheets again.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions