Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]
Peel Hunt records £1.5m loss as revenue down almost £50m amid ‘extraordinary’ market turmoil June 16, 2023 Investment banking firm Peel Hunt recorded a loss of £1.5m after warnings the UK is experiencing “extraordinary” market turmoil. The company reported revenue of £82.3m, down £48.7m on last year’s £131m, it made a loss before tax of £1.5m – a drop from the previous 12 months’ pre tax profits of £41.2m. CEO Steven Fine [...]
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 [...]