How This May Affect You
The government is planning to introduce a high income Child Benefit plan from January 7th. It applies when a taxpayer or their partner has a total income of more than £50,000 in a tax year. OnTax Accountants expects that those earning between £50,000 and £60,000 will face a tax charge that is sure to hit their pockets hard.
We would anticipate that this tax charge is likely to increases to a 100 per cent of the Child Benefit at £60,000.
High Earners Will Be Hit Hardest By CHB Changes
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