Bezos calls taxing low-paid Amazon workers ‘absurd’ May 20, 2026 Jeff Bezos has said low-paid Americans should pay no federal income tax, describing the idea of taxing some Amazon workers as “absurd”, as the billionaire founder renewed his criticism of the US tax system. Speaking to CNBC on Wednesday, Bezos said the “bottom half” of US taxpayers should pay zero federal income tax, arguing the [...]
Taxpayers on the hook over ‘dangerously outdated’ government IT systems May 20, 2026 One in four government computer systems are running on outdated technology, a new report has found, with taxpayers having to pay more for failures across Whitehall. The findings, published by Westminster think tank Re:State and supported by Ark Data Centres, reveal that nearly a quarter of the 319 central government systems assessed as of January [...]
Quantexa boss: ‘Britain can build global AI winners’ May 19, 2026 Vishal Marria is not short of reasons to be cheerful about Britain. At a time when the UK’s tech sector is once again debating listings, capital flight and whether founders inevitably end up scaling overseas, the Quantexa boss remains notably bullish about building and scaling in London. “Yes, we’re HQ’d in London, in the UK, [...]
HMRC fights to close Bolt’s VAT loophole May 19, 2026 Ride-hailing platform Bolt faces the tax authorities in court today over how it calculates and pays its VAT bill. At the centre of this dispute was the question of whether Bolt could use the tour operators’ margin scheme (TOMS). Under this scheme, businesses only pay VAT on the profit margin they make between buying a [...]
Premier League clubs’ success could earn HMRC £40m windfall May 19, 2026 Premier League clubs’ unprecedented success in Europe this season could earn HMRC a £40m windfall, according to tax experts. Bonuses paid out to players for winning domestic and continental trophies could hit £70m, generating a lucrative pot for the taxman, if Arsenal, Aston Villa and Crystal Palace clean up in the next two weeks. The [...]
Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC May 18, 2026 A former West Sussex restaurateur has avoided contempt of court after using AI hallucinations as evidence in his £51,000 tax battle against HMRC. HMRC had sent letters to Omar Rafique, former director of Karma Lounge in Worthing, in 2024 demanding payment of over £51,200 and warning that he could face bankruptcy if the debt was [...]
IMF tells Reeves to drop triple lock pension and make ‘fundamental’ tax reform May 18, 2026 The UN’s global financial fund has called on Chancellor Rachel Reeves to drop the triple lock pension and draw up “contingency” tax measures to ensure that public debt is reduced as a share of GDP. The International Monetary Fund has said that there are “risks” around spending forecasts and tax receipts, criticising the Chancellor for [...]
Energy giant clashes with HMRC at UK’s highest court over £28m penalty May 18, 2026 Scottish Power is to face the tax authority at the UK’s highest court over a tax deduction on a £28m penalty to settle a probe with the regulator. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and a lack [...]
As it happened: Markets on high alert as Streeting calls on Starmer to resign May 14, 2026 Welcome back to the City AM liveblog. The past few days of political drama have to come to a head today and UK assets are bracing for a showdown. All eyes were on the bond market after Wes Streeting resigned as health secretary and called for a leadership contest. Gilt yields see-sawed yesterday as Sir [...]
Rayner says she has been cleared by HMRC in fresh Labour leader twist May 14, 2026 Angela Rayner has said she was cleared by HMRC of deliberate wrongdoing or carelessness over her tax affairs, which is set to shake up a divided Labour Party just as Sir Keir Starmer‘s leadership seemed poised to fall apart. Rayner said that she settled a case of unpaid stamp duty and added that she had been [...]