How Tax Is Spent Statements
Published / Last Updated on 19/03/2012
How Tax Is Spent Statements.
In his Budget, Chancellor George Osborne is to set out plans to give 20 million people a detailed breakdown of how there taxes are spent. The plan will set out how much people pay in direct taxes such as income tax and national insurance, outlining proportions used for education, health and welfare.
It is part of attempts by ministers to make the tax system more transparent. For example, a person earning just over £25,000 would pay £5,700 in direct taxes. Of that, more than £1,900 would go on welfare and pension payments, nearly £1,000 on health and £750 on education. Around 6% - (£360) would go on national debt repayments.