UK financial services sector contributed record £76bn in tax last year February 12, 2021 The UK’s financial services sector paid a record £75.6bn in tax last year, according to a new report. The sector’s contribution in the fiscal year ended March 2020 included £34.1bn in taxes borne directly by firms and an additional £41.5bn from employees and customers, according to a recent report by the City of London Corporation. [...]
Rishi Sunak set to maintain triple tax lock despite Covid-19 deficit February 2, 2021 Chancellor Rishi Sunak is said to have agreed to maintain the Tories’ so-called triple tax lock at next month’s Budget, preventing him from raising income, national insurance or value added tax. The chancellor had come under pressure from Treasury officials to shun the commitment made in the Conservative Party’s 2019 manifesto not to increase rates [...]
EU watchdog wants Apple to pay €13bn in back taxes after all February 1, 2021 EU competition enforcers are filing to overturn a verdict which they claim was a legal mistake when it abandoned an order for Apple to pay €13bn (£11.46bn) in Irish back taxes. The decision forms part of the European Commission’s clampdown on ‘aggressive’ tax planning by multinationals. The Commission said in 2016 that two Irish tax [...]
Self-employed given extra month to file tax return fine-free January 25, 2021 HMRC will not levy a late fine on those who file their tax return by 28 February 2021. The deadline to submit a self-assessment tax return is usually 31 January, and late penalties are usually applied to all returns filed after the deadline. HMRC chief executive Jim Harra said scrapping late fees until the end [...]
Tax penalties double in six months following lockdown lull January 20, 2021 The value of penalties imposed by HMRC has doubled in the last six months, with November up nearly 100 per cent on May. Some £41m was collected from penalties in November 2020, up a whopping 97 per cent from the £21m that was collected in May, according to HMRC’s receipts and expenditure data. Penalties could [...]
City Moves: Who is switching jobs in the Square Mile this week? January 13, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. After a rocky year for business, City firms are continuing to adapt to the challenges of three national lockdowns and post-Brexit bureaucracy to keep things moving across the Square Mile. This week, Lloyd’s [...]
Individuals rush to sell assets as capital gains tax bill rockets to £10.1bn December 23, 2020 The UK’s capital gains tax (CGT) bill has hit £10.1bn, up more than fourfold from £2.5bn a decade earlier, prompting people to sell their assets. Despite the increase of nearly £7.5bn in a decade, more CGT could be demanded from the taxpayer. The Office for Tax Simplification recently recommended the Chancellor increase CGT rates in [...]
How does the UK’s capital gains tax compare to other nations? November 20, 2020 How does the UK's capital gains tax compare to other nations?
HMRC criminal actions against rich individuals jump 40% in 2019/20 November 16, 2020 The number of arrests, dawn raids or interviews carried out by HMRC in respect of corporate and high net worth individuals jumped 40% last year. Criminal actions launched by HMRC’s Offshore Corporate and Wealth (OCW) unit increased to 70 in the 2019/20 tax year, up from 50 in 2018/19, according to a freedom of information [...]
Aligning CGT with income tax would be a mistake, warns Andersen’s tax head November 12, 2020 The government’s tax advisory body published yesterday a highly anticipated report into capital gains tax, concluding that the current rules are ‘counter-intuitive’ and create ‘odd incentives’ in several areas. Instead, Rishi Sunak should increase capital gains tax rates in order to reel in an extra £14bn, according to the Office for Tax Simplification, as it [...]