Tax Rebates & Refunds

Report warns against VAT rise – could mean higher income tax instead!

March 22, 2010
Posted in Income Tax — Written by The Tax Repayment Agency

Think-tank Policy Exchange, favoured by Conservative leader David Cameron, has warned that a rise in VAT would be bad for the economy and the country.

While many believe that raising VAT would be a safer option than raising income tax, the think-tank report suggests that it would stem growth and employment.

This could mean that should the Conservatives win the General Election in May they will take note and raise the basic rate of income tax in their first Budget – a Budget that would quickly follow a successful election.

You could be facing higher taxes as early as this Summer with a Conservative victory. Of course, you could be facing them anyway with a Labour victory!

This just underlines how important it is to check you haven’t paid too much tax and claim back any tax refund you might be due.

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