KPMG's tax predictions for the Budget

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Ahead of next week's much-anticipated Budget, KPMG reveals what it expects to emerge from Alistair Darling's old red briefcase.

Allowances and thresholds Most personal allowances are anticipated to continue at the current levels. There could be modest increases of perhaps £500 in the higher allowances for those over 65. Effect of 50% rate At present, higher-rate tax payers who donate income to charities under Gift Aid receive relief at 40% if they have sufficient income taxable at 40%. In December 2009 the Government published research it had commissioned. This looked at a number of options, but the effect of any would be to deny full relief to those who pay tax at higher rates. While the Government has announ...

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