HMRC claws back £1m cutting ties with outside tech suppliers July 5, 2026 HMRC has cut contractor costs by £1m a year after replacing a decades-old outsourcing model, as ministers face pressure to find £14bn of efficiency savings across Whitehall. Whitehall risks missing Labour’s £14bn efficiency savings target unless departments stop repeatedly buying the same digital expertise from outside suppliers, according to a British technology consultancy working across [...]
Thin end of the wedge? LLPs brace for major tax overhaul July 2, 2026 The maths genius behind trading firm XTX, Alex Gerko, stands high in the rankings of Britain’s top taxpayers, having paid more than £330m to HMRC last year. For good measure, he also handed out more than £150m to charities and good causes in 2025, focusing on education and supporting talented math graduates to pursue PhDs [...]
UK ‘no longer a serious place’ says Hedge fund boss after losing £200m tax battle July 1, 2026 Hedge fund Bluecrest Capital Management, founded by the UK’s wealthiest financier, said the UK is no longer “a serious contender” as a place to do business after it lost a £200m battle with the tax man, in a ruling that could now leave the wider hedge fund and professional services industries facing a hefty bill. The [...]
Streeting tax policies could cost the Treasury nearly £8bn June 29, 2026 Adopting Wes Streeting’s plans to hike capital gains tax could cost the Treasury billions of pounds and lead to a reduction in retail investment, new analysis suggests. Last month, Streeting, who is reportedly in the running to succeed Rachel Reeves as Chancellor should Andy Burnham enter No 10, proposed that capital gains tax (CGT) should [...]
How onerous UK tax system can sting players at Wimbledon June 26, 2026 With the Wimbledon Championships set to begin on Monday, Pete Fairchild takes us through the (very) complex tax issues players face. At Wimbledon, while spectators sip on Pimm’s and eat strawberries, the world’s top tennis players are earning income on British soil. For stars such as Jannik Sinner and Carlos Alcaraz, competing in London means [...]
From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy June 26, 2026 Andy Haldane is pressing for a radical shake-up of the UK’s tax and wider economic systems as he heaped praise on the Prime Minister-to-be Andy Burnham for having the potential to bring a “change in vibe” across Britain. Haldane, who is advising Burnham on economic policies and growth, urged the country’s next leader to be [...]
THG reports boost in revenue after beauty and nutrition growth June 24, 2026 Ecommerce firm THG has reported a boost in first half revenue and adjusted earnings on the back of growth in its nutrition and beauty divisions. In a trading statement ahead of its annual general meeting today, the Manchester-based company said revenue had grown 6.5 per cent in the first half of the year while it [...]
‘Dispiriting’: Ministers speed up crackdown on Shein and Temu – by just six months June 23, 2026 Retailers have criticised the government for failing to move fast enough on closing a tax loophole that they say favours fast-fashion importers like Shein and Temu. High street businesses had been urging the government to bring forward its planned end to the “de minimis” regime, which exempts imports worth less than £135 from paying tax. [...]
Reeves’ new tax charge on cash ISAs faces fierce industry backlash June 23, 2026 The Treasury has revealed plans for the UK’s new ISA regime, which will see it tax interest on cash held in stocks and shares ISAs at 22 per cent, prompting fierce backlash from industry figures, who argue that the decision is “riddled with unintended consequences”. HMRC updated the market on three rules that will create [...]
UK risks becoming ‘dumping ground’ for Temu and Shein, retailers warn June 23, 2026 The UK risks becoming a “dumping ground” for online fast-fashion giants like Shein and Temu once a European crackdown on those firms comes into effect, leading retailers have warned. High street firms including Primark and Accessorize told City AM they risk facing tougher rivalry from foreign fast-fashion sellers if the UK does not clamp down [...]