Taxes merger would hit higher earners
Experts have said merging income tax and national insurance is likely to make high earners worse off. George Osborne has commissioned a study into the creation of a single "earnings tax" that will report back in time for the next Budget. According to the Times, the Conservative manifesto commitments to raise the personal allowance and the starting threshold for higher-rate tax mean those earning more than £47,500 would pay up to £230 a year extra in tax under a merged system. Meanwhile, John Whiting, the tax director of the Office of Tax Simplification said there were “a heck of a lot of roadblocks” in front of a potential merger report Harris & Co chartered accountants Northampton.