Child Benefit Scrapped High Rate Taxpayers
Published / Last Updated on 03/10/2010
Child Benefit Scrapped High Rate Taxpayers
by Ashley Clark, Director
The Government are to propose scrapping Child Benefit (family allowance to you and me) for higher rate tax payers from 2013 as part of the biggest shake-up of the benefits system since 1949.
Currently child benefit is non-means tested and is £20.33 per week for the first child and £13.40 per week for each additional child.
Speaking on the BBC this morning at the Conservative party conference, Chancellor George Osbore suggested that anyone earning over around £44,000 would lose Child Benefit.
This is a policy move you might expect from Labour where the ‘well off’ fund the less well off. It will be a bitter pill to swallow as around 1.2m families will be affected.
Given that the country is already nearly £900bn in debt and with another £149bn needed for 2010/11 taking us to projected Public Sector Debt of around £1076bn (source Office for National Statistics) it is no wonder that huge savings on our budget defecit over the long term need to be deployed.
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