Brexit impact: Heathrow loses legal bid over end of tax-free shopping for tourists May 21, 2021 Heathrow Airport has lost a High Court bid to challenge the scrapping of tax-free shopping for tourists. Two schemes providing VAT-free shopping for some international visitors were withdrawn by the Treasury at the end of the Brexit transition period on 1 January of this year. The Treasury and HMRC’s decision related to the VAT Retail [...]
Replace existing property taxes with new proportional system, says think tank May 20, 2021 Bright Blue, a liberal conservative think tank, has proposed replacing the UK’s current property taxation system with a new Annual Proportional Property Tax (APPT) to help “level up” the country. Bright Blue said that some sort of APPT would be the best solution in terms of both economic and political grounds to replace the current [...]
Taxman chasing Gary Lineker for £5m over IR35 dispute May 6, 2021 The taxman is pursuing Match of the Day presenter Gary Lineker over a tax bill of £4.9m, linked with IR35 legislation. Lineker, who is self-employed, set up a partnership with his former wife in 2012, which he used to channel his earnings from BT Spot and the BBC. According to tax tribunal documents, published last [...]
Rishi Sunak: Wealthy will be spared from post-pandemic tax raid May 5, 2021 Wealthy families will escape a post-pandemic tax raid earmarked to boost the economy, Rishi Sunak has suggested, as the chancellor praised Britain’s already “very progressive tax system”. Sunak said yesterday that he is “cautiously optimistic” about an upswing in economic growth, as Brits prepare to spare pent-up cash alongside the relaxing of lockdown restrictions. Speaking [...]
Biden’s proposal to double capital gains tax turns fragile rebound on its head April 23, 2021 Any economic recovery became a lot harder after last night’s selloff in US markets on reports that President Biden was looking to increase the rate of capital gains tax to 39.6 per cent for those Americans earning $1m a year or more, up from the current rate of 20 per cent, with some wealthier individuals [...]
US outlines new global plan to tax tech titans April 8, 2021 The US has put forward a new plan on global corporate taxes in an effort to resolve disagreements over upcoming tech tax reforms. President Joe Biden’s administration has submitted proposals that would see tech giants and other large multinational corporations pay higher taxes in countries in which they operate, regardless of their physical presence in [...]
Biden willing to compromise on plans to hike US corporate tax April 8, 2021 US President Joe Biden said last night he is open to compromise on his $2tn (£1.45bn) infrastructure plan amid fiery criticism from businesses over a proposed $2.5tn increase in corporate taxes. Biden faced furious backlash from Republicans, large corporations and members of his own Democratic Party to elements of the proposal he laid last week including major [...]
Free money: Claim minimum of £62 back from the taxman for working from home April 7, 2021 Today is the day you can start claiming at least £62 back from the taxman if you have been forced to work from home this tax year because of the pandemic. HMRC has confirmed that employed workers can now claim the working from home allowance for the new tax year (2021/2022) where they have worked [...]
CBI calls for ‘fundamental change’ to UK tax system to achieve climate change goals March 11, 2021 One of the UK’s most influential business groups has called for the government to deliver wholesale changes to the country’s tax regime in order to hit its 2050 net zero target. The CBI said that instead of making changes to individual taxes, ministers should instead pursue “fundamental change with a holistic, coherent tax plan”. It [...]
Celebrity expats handed right to vote in Budget boost March 7, 2021 Some of Britain’s richest expatriates and tax exiles will be granted the right to vote for the first time in two decades under new rules buried in last week’s Budget. The government has scrapped a 2002 rule that prevents Brits from voting in UK elections if they have lived abroad for more than 15 years. [...]