Chancellor George Osborne faces backbench revolt over cuts to tax credits August 10, 2015 The government is set to face its first Conservative backbench revolt over the Budget, after MPs voiced concerns about plans to reduce tax credits by up to £1,000 a year. The Times reported the chancellor will face “real anger and frustration” around the changes, which mean 3m families will lose on average £1,000 a year, [...]
Pension tax relief for top earners could be at risk as government mulls reforms July 28, 2015 Pensions minister Ros Altmann said last night that the government is considering ending special pension tax relief for high earners. The government is currently carrying out a consultation into whether there is a case for reforming pensions tax relief. Currently top-rate taxpayers receive 20 per cent tax relief on their pensions, and can claim back [...]
HMRC targeting “app economy” in crackdown on tax evaders July 23, 2015 HMRC wants to extend its data-gathering powers to be able to access data from Google and Apple app stores. The state tax collector wants to tackle tax evasion in the “app economy” using data from app stores and online platforms as it believes that this will provide information on digital businesses that have not declared [...]
EDF told to repay £1bn tax break to France July 22, 2015 French electricity giant EDF was yesterday ordered by the EU to repay the French state almost €1.4bn (£1bn) in back taxes, in a case dating from 1997. And in a thinly veiled criticism of the French government the European Commission said Electricite de France had been given “tax breaks incompatible with EU rules on state [...]
Public sector borrowing falls as income tax receipts hit highest level since records began in 1997 July 21, 2015 The Office for National Statistics (ONS) said income tax receipts rose by 2.5 per cent in June to £11.5bn, the highest level since records began in 1997. Read more: July Budget 2015 at a glance At the same time, corporation tax receipts jumped 13.9 per cent to £1.7bn, also the highest amount on record. The figures, [...]
The government’s welfare proposals including tax credit cuts and benefit caps is necessary, but more must be done July 20, 2015 The chancellor has spoken about what successive governments have known but not properly tackled: the level of welfare spending is not sustainable. Britain is responsible for seven per cent of the world’s welfare spending, despite generating only four per cent of the world’s income and being home to just one per cent of the world’s [...]
Why a sugar tax is not the solution to the UK’s obesity epidemic July 13, 2015 Doctors in Britain calling for a tax on sugar-sweetened drinks in order to combat obesity have come up against opposition who say the tax would be both regressive and ineffective. Under recommendations by the British Medical Association (BMA), a tax of 20 per cent would be applied to sugary drinks to dissuade consumers and push [...]
Institute of Fiscal Studies: “This was not the Budget of a tax reforming chancellor” July 9, 2015 Welfare cuts stole the limelight in the July Budget, but tax changes were more numerous and bigger, said Paul Johnson, director of the Institute for Fiscal Studies. While there were £14bn of tax increases in the budget, against £8bn of tax cuts, “it is rather hard to pin down a coherent narrative around the changes,” [...]
July Budget 2015: George Osborne pledges lowest corporation tax in G20 but new bank tax hits UK small lenders July 8, 2015 Chancellor pledges lowest corporation tax in the G20 – but casts punitive net over the UK’s small lenders Chancellor George Osborne ushered in a new tax regime for British banks yesterday, dialling down the controversial bank levy while introducing a new corporation tax surcharge for the entire lending industry. In a summer Budget that the [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]