Child and Working Tax Credits system
criticised
‘Tax Credits: Getting it Wrong?’ (HC 1010) is a Report from the
Parliamentary and Health Service Ombudsman, looking into the Child and Working
Tax Credits system.
Business rate supplements proposed
‘Business
Rate Supplements: A White Paper’ (Cm. 7230) sets out the Government's
proposal to introduce a power for local authorities and the Greater London
Authority (GLA) to raise and retain local supplements on the national business
rate.
Council Tax benefit system “unfair” for
poorest
This Report
'Local
Government Finance: Council Tax Benefit' (HC 718-I) says that the current
council tax relief system is unfair for low income households.
Tax assessment correct in 95% cases
'Accuracy
in Processing Income Tax' (HC 605) examines the accuracy of HM Revenue and
Customs (HMRC) in processing Self Assessment Tax forms and the 'Pay As You
Earn' (PAYE) scheme for Income Tax.
In 2006-07, HMRC collected £149
billion in Income Tax, dealing with the tax affairs of some 36 million
taxpayers. In total, £125 billion was collected via employers through the PAYE
scheme, and £24 billion from self-employed people and others with additional
income through the Tax Self Assessment. The HMRC needs to spend about £1.7
billion per year in administering Income Tax, with the processing taking place
across 300 offices.
Progress in tackling pensioner poverty
This Report from the House of Commons Committee of Public
Accounts
‘Department
for Work and Pensions: progress in tackling pensioner poverty - encouraging
take-up of entitlements’ (HC 169 2006-07) examines efforts by the
Department for Work and Pensions (DWP) to increase the take-up of benefits by
pensioners and looks at the reasons for unclaimed entitlements, the progress
that has been made in encouraging the take-up of benefits since 2003 and the
scope for further improvement.
Tax credits criticised
The current tax credit system was introduced in April 2003
with the aim of helping families with children and working people on low
incomes. Despite its aims, the tax credit system suffers from the highest rate
of error and fraud in government.
This Report,
'Tax
Credits' (HC 487), is the Public Accounts Committee's fourth report on the
system.
Understanding tax forms
Each year up to 10 million taxpayers contact the HM Revenue
and Customs (HMRC) for help with their tax affairs and the Department spends
£35 million on producing and distributing printed information and £55 million
dealing with contacts.
Income Tax Act 2007
The
'Income
Tax Act 2007' is an Act to restate, with minor changes, certain enactments
relating to income tax. The Act received Royal
Assent on 20 March 2007.
The main purpose of the Income Tax Act 2007 is to rewrite income tax
legislation to make it clearer and easier to use.
Two new Council Tax bands proposed
The
'Lyons
Inquiry into Local Government' examines the function of local government
and considers the case for changes to the present system of local government
funding in England.
Security in Retirement: Responses to the
consultation process
Over the next 50 years, demographic changes will mean only
two people in employment for every one person in retirement. The UK pensions
system needs to be reformed to ensure long-term sustainability.
Proposals to reform private pensions
It is estimated that around seven million people are currently not saving enough to support themselves in retirement.