Chancellor says nearly 500,000 families will be better off by an average of £1,260 in 2024-25 as a result of his changes
Jeremy Hunt has finally bowed to pressure and conceded that a tax penalty affecting many higher-earning parents works in an unfair way and led to some paying a marginal tax rate of 64%.
Announcing a shake-up of the controversial high-income child benefit charge, the chancellor said nearly half a million families would be better-off by an average of £1,260 in the year from April. For some the gain will be bigger, up to £2,212 a year for some parents with two children.
Continue reading…Chancellor says nearly 500,000 families will be better off by an average of £1,260 in 2024-25 as a result of his changesJeremy Hunt has finally bowed to pressure and conceded that a tax penalty affecting many higher-earning parents works in an unfair way and led to some paying a marginal tax rate of 64%.Announcing a shake-up of the controversial high-income child benefit charge, the chancellor said nearly half a million families would be better-off by an average of £1,260 in the year from April. For some the gain will be bigger, up to £2,212 a year for some parents with two children. Continue reading…