Exclusive: HMRC’s capital gains tax receipts hit record £11.5bn while Budget increase looms October 26, 2021 There has been much speculation around whether Chancellor Rishi Sunak will increase capital gains tax rates during tomorrow’s budget, which could result in business owners and individuals paying significantly more when they come to sell assets. The increase looms despite HMRC receipts from CGT having risen by 62 per cent in the last five years, [...]
All public sector workers to get pay rise after partial 2021 wage freeze October 25, 2021 Millions of public sector workers are set to get a pay rise in this week’s Budget as the UK faces increasing inflation growth. The Treasury tonight said the size of the wage increase will be determined next year after it has been given recommendations from pay review bodies. Rishi Sunak froze pay for all public [...]
Tory MPs call for UK government to pull out of global tax deal October 25, 2021 A pair of Tory MPs have called for the UK government to pull out of the global corporation tax deal, claiming it could cost the Exchequer billions in tax revenues. Backbenchers Greg Smith and Andrew Bridgen called for Rishi Sunak to reconsider his commitment to the deal, after he helped broker it at this year’s [...]
Speaker Sir Lindsay Hoyle hits out at Sunak for revealing large parts of Budget in advance October 25, 2021 Commons speaker Sir Lindsay Hoyle has lashed out at Rishi Sunak for releasing more than a dozen spending announcements in the lead-up to Wednesday’s Budget, saying that ministers would resign over similar briefings in years past. Referring to Hugh Dalton’s 1947 resignation after briefing the Budget hours before it took place, Hoyle said: “At one [...]
This week’s Budget: An overview of the £30bn of investments announced so far October 25, 2021 More than £30bn of investment has already been revealed by the Treasury ahead of Wednesday’s Budget. Chancellor Rishi Sunak said on Sunday that “(over) the last year, I’ve been focused on delivering our plan for jobs, protecting people’s livelihoods, their incomes, their jobs”. But he said he would now be “looking to the future and [...]
UK banks still stung by largest tax raid even if bank surcharge is slashed October 25, 2021 London will sting banks with the largest tax raid out of all of the world’s leading finance hubs even if the Chancellor slashes the bank surcharge at this week’s budget. UK based banks will still be hit by a 46.5 per cent levy in 2024 even if Chancellor Rishi Sunak cuts the bank surcharge to [...]
Minimum wage set to rise to £9.50 per hour October 25, 2021 The National Living Wage will increase from £8.91 per hour to £9.50 in the Budget this week. The 59p an hour boost means a full-time worker on the National Living Wage will see a pay rise of more than £1,000 a year. This is a 6.6 per cent increase in the minimum wage, which is [...]
Business confidence drops after tax hikes, says FSB report October 25, 2021 Forthcoming hikes to national insurance have dented business confidence ahead of the Budget, according to the latest quarterly report from the Federation of Small Businesses (FSB). The group’s small business index (SBI) has decreased from 18.6 points in Q2 2021 to 16.4 in Q3 2021. FSB surveyed 1,383 small businesses in late September and the [...]
Businesses face being hit by £2.4bn national insurance ‘tax bombshell’, Lib Dems warn October 25, 2021 The Government is creating a “tax bombshell” for small and medium-sized businesses by raising national insurance, the Liberal Democrats warned. Research commissioned by the party said businesses with fewer than 250 employees would pay an extra £2.4bn a year due to the 1.25 per cent rise in national insurance (NI) announced by Boris Johnson in [...]
Budget: Regeneration of brownfield sites could deliver 160,000 new homes October 25, 2021 A cash injection of £1.8bn, set to be announced in the Budget this week, should help brownfield sites covering the equivalent of 2,000 football pitches to be turned into plots for new homes. It is hoped hundreds of thousands of homes could be built on regenerated land across the country, while England’s planning system will [...]