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TOPIC: Irish Budget
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Re:Irish Budget 3 Years, 6 Months ago
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UK tax will rise (IMO), with a greater alignment of CGT rates with income tax rates. This would be relatively acceptable, as few taxpayers pay CGT. Less than 300,000 in 2017/8.
Income tax will go up too; a penny of extra income tax on each pound earned can raise £5 billion a year.
With regard to VAT, a recently leaked Treasury commented that a rise would 'raise fiscally significant amounts'.
On National Insurance, all will be asked to pay equally in future. Now self-employed people earning up to £50,000pa pay NI of 9%; workers, earning the same pay, pay 12%.
Finally, a surcharge to use the NHS or social care services, is being considered - the leaked Treasury paper says. Although the proposed methodology is unknown/undetermined.
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