The next UK budget is due to be held on October 30th. Which of the above statements will be true about what is unveiled on budget day?
When resolving the "$tax increase" options:
I will resolve YES if:
The % rate of tax goes up (i.e. paying more)
The threshold at which it is paid goes down (i.e. more people pay / pay more)
If the tax is changed such that there are winners and losers (e.g. an increase in % rate but also an increase in threshold) then I will resolve 50%.
I will resolve NO if:
The % rate of tax goes down
The threshold at which it is paid goes up
@RoddyMacSween Just to get ahead of any potential arguments, I will resolve this answer YES in the event of any of the following changes:
higher rate tax payers can only get the basic 20% tax relief
higher rate tax payers do not get any tax relief
IMO these outcomes both represent scrapping of tax relief for higher tax payers.
I will resolve NO if they can still claim tax relief but to a lower amount, as long as that amount is above the basic 20%. IMO this would be a reduction but not a "scrapping". Feel free to add a separate option for reduction if you want to see it forecasted separately.