George Osborne’s marginal revolution: Why Britain’s top rate of tax is unsustainable July 1, 2015 The so-called marginal revolution in economics occurred in the nineteenth century. George Osborne’s marginal revolution in taxation needs to start next Wednesday, with decisive steps towards a more sensible tax system. In many ways, next week’s Budget will reveal the real Osborne. Freed from the shackles of coalition politics, will we see a markedly free [...]
Labour will stop pushing for 50p tax rate says shadow chancellor June 30, 2015 Labour is letting go of the 50p tax rate, the shadow chancellor has indicated. In the last government, former Labour leader Ed Miliband proposed raising the top rate of tax to 50p for people earning more than £150,000 per year. But in a speech in Canary Wharf yesterday, shadow chancellor Chris Leslie said that the party [...]
Think 45p taxpayers have it hard? The tax system crushes incentives at all levels June 29, 2015 Ahead of next week’s Budget, two former chancellors and 160 Tory MPs are calling for the 45 per cent income tax rate to be reduced to 40 per cent. But for all the political capital devoted to explaining the disincentive effects of a 45 per cent rate, the reality is that many people across the [...]
Stamp duty replaces mansion tax as Central London house buyers’ worst fear as sales of homes worth £1.1m plus fall June 29, 2015 Mansion tax is so pre-election, darling – these days, the UK's high earners are worrying about one thing: stamp duty. That's according to a new report by upmarket estate agent Knight Frank, which has found the new tax has dented sales of homes worth £1.1m plus. Read more: The average brick in Kensington and Chelsea [...]
Up to 160 Conservative MPs want to cut the top rate of income tax to 40 per cent June 29, 2015 Senior Conservatives have said up to 160 MPs want the top rate of income tax taken down to 40p in the next budget, due on 8 July. Read More: Think tank IFS says Labour cannot bank on 50p tax rate to bring in more money This mounts pressure on George Osborne ahead of his first truly Conservative [...]
Local authorities cracking down on those who don’t pay council tax June 28, 2015 Local authorities across England are cracking down on people who do not pay their council tax, as the national council tax debt rises to more than £2.5bn, according to research out today. A new report from the accountancy firm Moore Stephens found that 32 per cent of local authorities in Great Britain used bankruptcy [...]
HMRC looks to shut down thousands of businesses due to unpaid tax bills June 28, 2015 HMRC applied to shut down 3,000 businesses last year to meet unpaid tax bills, according to research released today by online finance market Funding Options. The tax authority was successful in gaining court orders to wind up 1,887 businesses over their tax debts, a four per cent rise from 2013’s 1,816. Once a business is [...]
July Budget 2015: Small business group wants tax reform June 28, 2015 British small businesses are calling on chancellor George Osborne to reform and simplify the tax system in next week’s emergency budget. The Federation of Small Businesses (FSB) has asked the government to “widen the scope of reform to radically simplify the tax system and improve incentives to encourage investment”. The small business group praised the [...]
Leeds United owner Massimo Cellino could face Football League ban following tax evasion fine June 23, 2015 The future ownership of Leeds United has been pulled into further doubt after owner Massimo Cellino was fined for tax evasion by an Italian court. Read more: Can these Leeds United fans save English football's sleeping giant? Cellino was fined €40,000 (£28,398) for evading paying €16,000 tax on an imported Land Rover from the US according to [...]
Tullow Oil agrees $250m settlement to wrap up Ugandan tax dispute June 22, 2015 Tullow Oil will pay the Ugandan government a $250m (£158m) settlement, bringing to an end a two year dispute over capital gains tax. The London-listed company has already paid $142m, and the remaining $108m is being paid in three separate $36m installments, one of which has already been paid. The total sum will be fully [...]