Tyne Tees Income tax News

The Chancellor is expected to confirm in tomorrow’s budget that from 2014, most taxpayers, will get a detailed breakdown of what their taxes were spent on.

The Treasury has supplied some examples and most taxpayers will probably be very surprised.

Take someone on an average income of £25,200. Their total income tax bill is £5,702 which will have been divided up into the following payments:

• £1903 towards the nation’s welfare payments
• £963 on health
• £743 spent on education
• £363 covering debt interes
• £329 for spending on our armed forces
• £28 towards our EU membership

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• income tax