Building a fairer society
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The Government is
building a fairer society in which everyone can contribute to
and share in rising national prosperity. The Pre-Budget Report
describes the action the Government is taking to help families
with children, promote saving and ensure security in retirement,
tackle global poverty, and develop a modern tax system in which
everyone pays their fair share of taxes, including:
- consulting shortly on proposals to help
those of working age plan for their retirement, and
to simplify the taxation of pensions;
- further development of a new Child Trust
Fund to ensure that young people start their adult lives
with a pot of savings;
- new proposals for a US$50
billion international fund, to tackle
global poverty and spread the benefits of the global economy;
and
- new measures to tackle VAT fraud and avoidance,
designed to save more than £2 billion a year by 2005-06,
and further steps to close loopholes in the tax system to
improve fairness and protect government revenues.
New tax
credits: money with your name on it
The
Child and Working Tax Credits will be introduced from
April 2003 to help families with children and make
work pay. People receiving one of the existing tax
credits need to make a fresh claim before 31 January
2003 to ensure they begin receiving the new tax credits
from next April. All existing recipients are being
sent a claim form automatically and some people will
become eligible for the first time. Information on
eligibility for the new tax credits is available on
the Inland
Revenue website and claims can be made on-line.
Or contact the national free-phone line on 0800 500
222.
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