HMRC to slap Wimbledon winners Sinner and Swiatek with £1m tax bill July 16, 2025 Wimbledon winners Jannik Sinner and Iga Swiatek will each be slapped with a £1m tax bill by HMRC. Despite not being based in the United Kingdom, Italian Sinner and Pole Swiatek will each be taxed at 45 per cent for winning in SW19 and claiming their £3m prizes. Robert Salter, of audit, tax and business [...]
Pressure on Bank of England and Reeves as inflation spikes July 16, 2025 The UK economy is at risk of ‘stagflation’ after official data revealed that inflation edged up to 3.6 per cent in June, putting further interest rate cuts by the Bank of England at risk. In the latest set of price growth data before the next monetary policy decision in August, the Office for National Statistics (ONS) reported that [...]
Chelsea’s Club World Cup winners’ prize? A £10m US tax bill July 16, 2025 Chelsea will be hit with a US tax bill of around £10m as a result of winning the Club World Cup on Sunday. The stunning 3-0 win over Paris Saint-Germain in New York last weekend ensured Chelsea will receive £85m in prize money from competition organiser Fifa. Some £39.7m is to be paid immediately and [...]
In Starmer’s Labour, it’s backbenchers that hold the power July 15, 2025 Labour needs backbenchers who fight for growth, not just block spending cuts, writes Michael Martins in today's Notebook.
Wealth tax would take years to set up, Labour warned July 14, 2025 The introduction of a wealth tax would take years to set up as well as substantial investment in “additional personnel” and tools to track assets, a leading City bank has warned. Cabinet ministers including Keir Starmer have refused to rule out a wealth tax in the last week, with the government preparing for a revenue-raising [...]
Mansion House speech: Rachel Reeves to ‘rip up’ red tape in financial services July 14, 2025 Rachel Reeves is to pledge a bonfire of financial services regulation as she seeks to rekindle her relationship with the City. The Chancellor will vow to cut “reams of financial red tape” when she gives her annual Mansion House speech on Tuesday evening, according to people familiar with the matter. That is set to include [...]
Rachel Reeves’ tax hikes are driving wealthy overseas investors to flee London July 14, 2025 Chancellor Rachel Reeves’ tax hikes have had the “feared impact” of driving wealthy overseas investors to flee London to escape double taxation of their worldwide income, the company behind The Shard has said. Real Estate Management (UK), which is ultimately owned by the State of Qatar, has revealed the exodus has resulted in it being [...]
HMRC under pressure as underpaid tax by US firms surges July 14, 2025 The UK’s tax collector is under pressure amid a surge in underpaid tax by US companies. HMRC suspects as much as £8.8bn in tax was underpaid by US companies in the previous tax year, a jump of 57 per cent compared to the previous year, according to figures obtained by accounting firm UHY Hacker Young. [...]
London hiring plunges as Rachel Reeves’ tax grab weighs July 14, 2025 London hiring has suffered a steep drop as rising costs weigh on employers following Rachel Reeves’ tax grab. Permanent staff places in the capital – hires with no fixed end date – fell at the sharpest rate in 22 months in June. Meanwhile, temporary bills, which track the total income recruitment agencies earn from placing [...]
Rachel Reeves’ concierge service aimed at luring investors July 12, 2025 Chancellor Rachel Reeves is expected to launch a “concierge service” for wealthy individuals as part of an effort to lure investors to expand in the UK. During electoral campaigns, Labour hopefuls said they would put wealth creation at the heart of their mission in government. Now Rachel Reeves is set to provide advice to foreign [...]