Household Bills
Govt to take more tax from ‘savers than sinners’ within two years
Revenue from taxes on home buyers and savers looks likely to exceed money hauled in from ‘sin taxes’ such as those applied to alcohol and tobacco, according to the Daily Telegraph.
The paper said official figures show taxes taken from savers will outstrip ‘sin taxes’ within two years.
It said analysis of Treasury projections showed revenue collection through inheritance tax (IHT) and stamp city will exceed duty on cigarettes and booze by the end of 2016.
Chancellor George Osborne has faced calls from senior Conservative MPs to overhaul the taxation system to make it fairer for savers.
Analysis showed that by the end of the 2015/16 financial year IHT, stamp duty land tax and stamp duty on shares are set to raise just under £22bn. This compares to £21bn gained through duties on items such as tobacco, wine and cider.
The Telegraph said MPs called on Osborne to follow his pensions shake-up with a manifesto commitment that the IHT threshold would increase.
