George Osborne’s dad could be £50,000 better off thanks to his son’s tax cuts
George Osborne’s tax cuts for the rich may have made his businessman father £50,000 better off.
It comes as the Tory Chancellor of the Exchequer is pressing ahead with controversial plans to slash tax credits for the poorest workers.
These are set to hit 3.2m hard-working households, costing them £1,300 a year each.
The top-paid boss of wallpaper and fabric firm Osborne and Little – understood to be founder and controlling shareholder Sir Peter Osborne – earned nearly £1.2m in the past two years.
The Tory Chancellor’s 5% cut in the top tax rate to 45% in 2013 would have saved him £48,000 over two years.
Sir Peter also earned £115,000 in dividends last year, on which he will pay almost £6,000 less tax.
The Chancellor is also likely to benefit from the tax cut for those earning £150,000 and more a year.
Source: George Osborne’s dad could be £50,000 better off thanks to his son’s tax cuts – Mirror Online
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Next April the poorest will be joined by 5.4 million public workers and 1 million private workers who contracted out to final pension schemes. Along with their employers they will be asked to stump up more national insurance contributions to adjust their opt out percentage to pay for the new state pension. The increase to £151.25 will only be enjoyed by one in three that are entitled to the new full amount (another government lie coming out). The impact not as devastating as working credit but final salary scheme participants £25K+ = £267 £50K+ = £479 increases according to Daily Mail Financial however the most numbers that will be touched will be Public Workers who many still enjoy inflation proofed final salary pensions because local authorities have not had the will to bring their lucrative pension schemes in line with the private sector who most have now lost their final salary benefits schemes many moons ago.
Is this a banana republic?
Many public sector workers receive small pensions after working in low paid jobs, often part time, as many of them are women. The “gold plated” pension of daily mail fame is myth to many public sector workers. Maybe the private schemes should have had more will to keep their final salary schemes in place, rather than take payment holidays when in credit. The whole pension area still needs review, including this. Yes I agree the Government have been very quiet about what the new, very complex state pension rules will mean. It is not good for many.
Good points JJ……Private sector Employers also used the well worn path of attrition changing the final pension schemes just for new starters knowing full well without union oversight or pressure the existing employees would not put up much of a fight…ie I’m all right jack. To add some focus employers would then add the threat of workforce redundancies if the pension cost savings were not agreed……as you say most had spent the pension holiday cash and the pension fund was well short..
does this new state pension include those already getting state pension? i fail to see what is new about £151.25… its only 5p more than i get including pension credit
Existing pensioners will not be enjoying the new pension operative from 6th April.. This is a new supposed all singing ‘n dancing pension that was meant to sop up all the many and various pension variations and credits etc..