Budget: Rachel Reeves set to drop pensions tax raid plans, per report October 7, 2024 Rachel Reeves is reportedly set to drop plans for a tax raid on pensions over fears it could unfairly affect public sector workers. The Chancellor has been warned that a scheme to reduce the 40 per cent tax relief on higher earners could disproportionately impact teachers and nurses, the Times reported. Treasury officials told Reeves [...]
IFS joins calls for ‘serious reform’ of capital gains tax October 6, 2024 Rachel Reeves is reportedly considering a range of tax hikes in the budget, including to CGT, as she seeks to put the public finances on surer footing.
IFS backs death tax on ‘flawed’ capital gains to boost growth October 6, 2024 The “whole design of capital gains tax is flawed,” the Institute for Fiscal Studies has claimed, advocating for a complete overhaul of the tax rather than simply raising it. The influential think tank has advocated for scrapping the tax break of capital gains at death today, arguing that it creates a large incentive for people [...]
Labour MP defends Chancellor’s decision to rule out wealth tax October 5, 2024 One of the rising stars of the new intake of Labour MPs has defended Chancellor Rachel Reeves’ decision to rule out a wealth tax against the richest. Torsten Bell, a former Treasury official and chief executive of the economic think tank Resolution Foundation, said a wealth tax would not raise “significant revenues”. Reeves has previously [...]
Fiddling with pensions is fine. Changing the overall model is not, though October 5, 2024 Most Chancellors tinker with pensions allowances - but it's important to remember that none have changed the underpinning model of pensions tax relief - for good reason
Labour capital gains hike would probably cost Treasury money, experts warn October 3, 2024 As the budget approaches, speculation is mounting that Chancellor Rachel Reeves is planning to reform CGT to help fill an alleged £22bn blackhole in the public finances.
Audible: UK’s love for original content helps double profit October 3, 2024 Profit at the UK arm of audiobook and podcast giant Audible, which is owned by Amazon, doubled during its latest financial year, it has been revealed. The London-headquartered division has posted a pre-tax profit of £29m for 2023, up from the £14.7m it achieved in 2022. Newly-filed accounts with Companies House also show that Audible’s UK turnover [...]
Is Rachel Reeves planning a £24bn pension tax raid? October 1, 2024 It has been reported that the Treasury is considering what could amount to a £24bn pension tax raid as Rachel Reeves tries to plug her £22bn budget black hole. The Chancellor has reportedly been looking at tax relief on pension contributions, specifically, employers’ national insurance relief. There are two forms of national insurance. Employees, paid [...]
Badenoch and Tugendhat flash low tax credentials September 30, 2024 Kemi Badenoch has said she would “love to see lower corporation tax” and stressed the need to “increase the appetite for risk taking” in a bid to go for growth. The former business secretary’s comments came during a leadership Q&A session for party members at the annual Conservative Party conference in Birmingham. She told the [...]
Tax burden ‘will not fall in my lifetime’ warns IFS chief September 30, 2024 Over recent years the tax burden has climbed to a post-war high of 37 per cent of national income despite the attempts of the previous government to cut taxes.