Warnings of ‘fire escape’ tax plans for wealthy Brits under Labour June 15, 2023 Wealthy Brits are preparing “fire escape” tax plans if Labour enter government, a tax advisor has claimed. David Lesperance, an international tax adviser, told the Telegraph he is acting as a “concierge” for well-off UK residents who want to protect their wealth after the next election. It comes after Labour leader Sir Keir Starmer promised [...]
Government price tag for making tax digital has ballooned, report warns June 12, 2023 The credibility of the government’s plans to allow people to file their tax bills digitally has been undermined by repeated delays and a bill that has increased about sixfold, the National Audit Office (NAO) has said. The official auditors said that the final bill is currently expected to be £1.3bn, an increase of more than [...]
‘Can’t come soon enough’: Will Sunak follow through on 2p tax cut reports? June 4, 2023 Rishi Sunak’s mooted plans to reduce the tax burden from a seven-decade high with a 2p cut in income tax ahead of the next election have been welcomed by Tory campaigners. Reports surfaced in the Sunday Telegraph that the PM – an ex-City banker – is keen to cut charges in order to incentivise work [...]
Zahawi, Patel and Rees-Mogg lead calls to abolish ‘morally wrong’ inheritance tax June 1, 2023 Senior Tory MPs including former chancellor Nadhim Zahawi are calling for inheritance tax to be abolished. Prime Minister Rishi Sunak and Chancellor Jeremy Hunt face a call from more than 50 of his MPs to scrap the tax, according to The Telegraph. Writing in the newspaper, Mr Zahawi suggested scrapping the tax and said it [...]
Europe capitalising on UK’s ‘tourism tax’ as retailers call for overhaul May 24, 2023 International tourists are spending more in Europe than in the UK as Britain’s retail sector continues to be hamstrung by the government’s decision to scrap VAT-free shopping, members of the House of Lords warned yesterday.
Jeremy Hunt: UK not ‘in a position’ to know if it can cut taxes before election May 17, 2023 The government is currently not “in a position to know whether we’re going to have any headroom at all” to cut taxes in the run up to the next election, Jeremy Hunt claimed today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, the Chancellor said he and Prime Minister Rishi Sunak “have our [...]
More than 6m extra Brits to be caught by higher income tax rate net in just a few years May 16, 2023 More than an additional 6m Brits are poised to be caught in the higher income tax net compared to the early 1990s in what has been characterised as the steepest tax hike in four decades, new research out today reveals. Prime Minister Rishi Sunak’s decision as Boris Johnson’s Chancellor to freeze tax bands for several [...]
HMRC tax-dodging prosecutions drop – and it has no plans to change that May 3, 2023 HMRC is prosecuting far fewer people for tax dodging than before the pandemic, an influential committee of MPs has warned. Over the two pandemic years, the tax authority completed around 1,000 fewer prosecutions for tax-related offences than before the pandemic, a report by the influential Public Accounts Committee found. In 2020–21 and 2021–22, it concluded [...]
New tax year: First saver to max out ISA allowance took just six minutes after midnight April 7, 2023 Some savers have already maxed out their new 2023-24 Isa allowances within hours – or even minutes – of the new tax year starting. Fidelity International Personal Investing said the first customer to maximise their new Isa allowance of £20,000 did so at six minutes past midnight on Thursday April 6. Ed Monk, associate director, [...]
A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]