Capital gains tax could be hiked to almost 40 per cent October 10, 2024 Capital gains tax could be hiked by Chancellor Rachel Reeves to almost 40 per cent in the Budget, according to reports. The Guardian has reported that the Treasury is modelling a range of between 33 per cent to 39 per cent. Around 350,000 people pay the wealth tax with is levied on the sale of [...]
Record number of millionaires to leave UK as top academics join calls for exit tax October 8, 2024 The UK is set to lose the greatest proportion of millionaires in the world in the next four years, new analysis suggests, as a group of respected academics joined growing calls for Rachel Reeves to introduce an exit tax at the upcoming Budget. The Adam Smith Institute’s (ASI) Millionaire Tracker – a new initiative from [...]
Employee Ownership Trusts surge as entrepreneurs seek tax-friendly exits October 7, 2024 The number of UK businesses transferring ownership to employees through Employee Ownership Trusts (EOTs) as business owners seek to preserve their company's ethos.
IFS joins calls for ‘serious reform’ of capital gains tax October 6, 2024 Rachel Reeves is reportedly considering a range of tax hikes in the budget, including to CGT, as she seeks to put the public finances on surer footing.
IFS backs death tax on ‘flawed’ capital gains to boost growth October 6, 2024 The “whole design of capital gains tax is flawed,” the Institute for Fiscal Studies has claimed, advocating for a complete overhaul of the tax rather than simply raising it. The influential think tank has advocated for scrapping the tax break of capital gains at death today, arguing that it creates a large incentive for people [...]
Labour capital gains hike would probably cost Treasury money, experts warn October 3, 2024 As the budget approaches, speculation is mounting that Chancellor Rachel Reeves is planning to reform CGT to help fill an alleged £22bn blackhole in the public finances.
Tech and taxes: What do SMEs want to see in the upcoming Budget? September 30, 2024 Small businesses have called on the government to prioritise growth in the upcoming Autumn Budget in order to avoid a slowdown of growth.
City sounds alarm over fears that non-dom reforms won’t raise money September 27, 2024 Leading city figures have urged the government to adapt its planned reforms to the non-dom tax regime, after it was revealed that Treasury officials are concerned that the reforms may not raise any money. Labour has promised to scrap the non-domicile (non-dom) regime – a tax status that allows wealthy foreign nationals only to pay [...]
Which taxes will Labour hike in the October Budget? September 25, 2024 Kier Starmer has said that those with the "broadest shoulders should bear the heavier burden". So where will Starmer and Reeves turn to raise some extra cash?
The ultra rich exodus has made an exit tax tempting. Would it work? September 25, 2024 Millionaires are leaving the UK in record numbers, prompting the Resolution Foundation, an influential left-wing think tank, to propose an exit tax.