Budget 2026: Healey grants HMRC sweeping powers to chase tax debts Tax John Healey has given HM Revenue and Customs (HMRC) more funding and sweeping powers “to collect overdue tax from those who can clearly afford to pay but ignore repeated contact”, in yet another clampdown on tax debts. The move marks a major expansion of the taxman’s power and comes amid the government’s push to stamp [...]
Supreme Court blocks Scottish Power’s £28m tax write-off Tax The Supreme Court has ruled that the energy giant, Scottish Power, cannot deduct £28m in regulatory settlement payments from its taxable corporate profits after a lengthy legal battle with HMRC. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and [...]
Was the transfer window impacted by UK tax rules? Sport Business This summer’s transfer window again showed the purchasing power of the Premier League, with almost £3.5bn being spent on transfer fees. And, while there were players being bought from foreign teams, there was also a significant number of very high value transfers between Premier League clubs this summer, which is notable compared to previous transfer [...]
Omaze in court over tax dispute on luxury house prize draws October 16, 2026 Luxury house prize draw platform Omaze has appealed against HMRC over whether paid entries in its prize draws are subject to standard-rate VAT. An Omaze spokesperson told City AM the platform “has been paying VAT in the UK since 2021.” Omaze lists itself on its website as “not a charity raffle, house or cash raffle [...]
HMRC investigations into football net extra £110m October 16, 2026 HMRC investigations into the UK’s football industry netted the organisation an extra £110m last season, new data has claimed. A total of 68 tax investigations were opened in the year to April across players, clubs and agents – down on 118 from the previous accounting period – and netted an extra £110m for HMRC coffers, [...]
‘Absurd’: Pension savers refunded £188m after HMRC overtaxes withdrawals October 16, 2026 Tens of thousands of taxpayers were handed money back from HMRC last year after savers had too much tax deducted from their pension withdrawals, City AM can reveal. HMRC processed 54,166 pension withdrawal repayments in the 2025/26 financial year, worth around £188m, according to figures obtained through a Freedom of Information request. During the financial [...]
Badenoch’s inheritance tax gamble October 8, 2026 The Midday Market report is a new newsletter from City AM, giving you fresh analysis on the biggest stories in the City straight into your inbox every lunchtime. Today, Ali Lyon chews over Kemi Badenoch’s Tory conference inheritance tax overhaul, and what it might mean for the UK’s irrational tax system. Sign up to the [...]
Thousands of Lifetime ISA savers slammed with multiple withdrawal penalties October 8, 2026 Thousands of Brits who saved into a Lifetime ISA were hit with multiple withdrawal penalties in a single tax year, as calls for the government to ensure the replacement product is fit for purpose grows. Roughly 45,000 savers were penalised for unauthorised withdrawals from Lifetime ISAs (LISA) in the 2024/25 tax year, according to an [...]
Bolt set for £190m VAT bill after legal defeat October 8, 2026 Ride-hailing platform Bolt has been refused permission to appeal a case brought by HMRC over how it calculates and pays its VAT. This follows HMRC winning an appeal in June against the Estonian tech giant over its VAT payments and calculations, overturning earlier decisions that had ruled in Bolt’s favour. The tax authority brought the [...]
UK house prices fall at fastest rate since May as mortgage rates weigh on demand October 1, 2026 UK house prices fell at their fastest pace since May as expensive mortgages and uncertainty ahead of the Autumn Budget fuelled caution among buyers. Prices fell 0.2 per cent during September, faster than economists had expected and reversing August’s 0.2 per cent increase, according to data from Nationwide. The average UK home was valued at [...]