1. Gerry Foley

Personal tax statement for all?

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