PBR effect on high earners discussed by expert
Mortgages for professionals borrowers will experience subtle changes to their taxes in the coming years under proposals announced in chancellor Alistair Darling's pre-budget report (PBR), an expert has said.
John Whiting, chairman of the management of taxes committee at the Chartered Institute of Taxation, commented that increases in National Insurance and tax increases in 2011 will affect Britons earning more than £40,000 a year.
The changes mean that mid income earners and above are going to lose out, he suggested.
"Once those have all bedded in, then depending on what happens to personal allowances in the interim, on the surface people certainly on above £40,000 will lose out," Mr Whiting said.
According to measures announced in the PBR, income tax personal allowance will be restricted for those with incomes over £100,000 from April 2010, while a new additional higher rate of income tax - of 45 per cent - will be charged on people earning above £150,000 in April 2011.
Mortgages for professionals is a whole-of-market broker providing expert mortgage advice to high earning professionals such as pharmacists, engineers and doctors.
John Whiting, chairman of the management of taxes committee at the Chartered Institute of Taxation, commented that increases in National Insurance and tax increases in 2011 will affect Britons earning more than £40,000 a year.
The changes mean that mid income earners and above are going to lose out, he suggested.
"Once those have all bedded in, then depending on what happens to personal allowances in the interim, on the surface people certainly on above £40,000 will lose out," Mr Whiting said.
According to measures announced in the PBR, income tax personal allowance will be restricted for those with incomes over £100,000 from April 2010, while a new additional higher rate of income tax - of 45 per cent - will be charged on people earning above £150,000 in April 2011.
Mortgages for professionals is a whole-of-market broker providing expert mortgage advice to high earning professionals such as pharmacists, engineers and doctors.
