Inheritance tax enquiries surge to six-year high after HMRC clampdown Economics Tax authority probes into households’ inheritance tax returns have surged to a six-year high, after a government-led crackdown on avoidance and non-compliance. HMRC opened a total of 4,940 formal inheritance tax enquiries over the last financial year, according to new data obtained by chartered accountants Price Bailey, an 18 per cent increase on the previous [...]
‘Unforgivable big companies don’t pay their fair share of tax’ Business The chief executive of Clearscore has said it is “unforgivable” that some big international companies don’t pay their fair share of UK tax. Speaking on an up-coming episode of City AM’s Boardroom Uncovered show, Justin Basini said, if he was Prime Minister for the day, he would pass a law that every big business would [...]
Natwest chair: Rachel Reeves’ Budget must include radical tax reform Banking The chair of banking giant Natwest has called for Rachel Reeves to implement “radical tax reform” in her Autumn Budget. Rick Haythornthwaite has said a “bold long-term plan” to “kick-start growth” would reassure jittery bond markets and “deliver much-needed social benefits”. “This is the time for a 10-year programme of radical tax reform. Time for [...]
Tax evasion likely ‘far higher’ than HMRC estimates February 12, 2025 The true scale of tax evasion is likely far higher than HMRC estimates, with the department “not sufficiently curious” about solving the problem, a government committee has said. The UK tax gap was £5.5bn in the 2022-23 financial year, equivalent to around 0.7 per cent of all taxes owed and considerably lower than similar economies. [...]