Budget set to give Caithness low paid a break

FAR North taxpayers on lower incomes are expected to get a break today in Chancellor George Osborne’s Budget.

Taxes are a high priority and Mr Osborne is expected to have both good and bad news for the UK as the coalition Government attempts to stabilise the economy. A lowering of the amount people can earn before paying tax is expected to be the silver lining in what could be a cloudy day for some.

The current system allows earnings of up to £7475 before tax and is already set to increase to £8105 in 2012

At the other end of the earning spectrum, the top rate of income tax may be cut from 50p to 45p, but not until April 2013.

This is only expected to affect those earning over £150,000 a year.

As from 2014, taxpayers are expected to receive a detailed breakdown on how much tax they have been paying and what the Government has spent it on via an annual tax statement.