The budget that has been presented by George Osborne has not proved to bring much respite to the middle class families. Although there have been some tax deduction which would come as a positive sign, the more wider concern dealt by people like rising fuel bills, childcare costs and stagnant salaries have not been looked into. Those who are trying to find benefits that this budget brings for them, should be more concerned on the real details that would affect their income in one way or the other.
Child benefits are one of the spheres that were announced last year by the government, where at least one parent was a higher-rate taxpayer. But, there was a lot of opposition to this move that was being sought as discrimination for home-based parents. The current budget eases up that concern, by adding some amendments to earlier budget. Raising the threshold would mean that very few families would be affected by it, although there would be still million that would come under it. There is still confusion on how this would affect people who are either separated or divorced.
There was also an increase in the personal allowance by £1,100 to £9,200 which comes as a good sign as people won’t have to pay any tax on it.
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