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 [...]
Quantexa chief says £175m HMRC deal will ‘protect taxpayers’ money’ May 14, 2026 HM Revenue and Customs (HMRC) has signed a £175m, 10-year partnership with London-based Quantexa to overhaul its data infrastructure, as the tax authority scrambles to recover billions lost to evasion and sophisticated fraud. The deal – one of the largest tech deployments in the public sector – is designed to fix the “fragmented” legacy systems [...]
Why do lefties struggle to pay their taxes? May 14, 2026 Zack Polanski is just the latest in a long line of leftwingers to find himself embroiled in a financial scandal, explains James Ford Zack Polanski has been a naughty boy. No, I’m not referring to his recent dressing down by the Commissioner of the Met. Or even to the latest allegations that he has been [...]
City sounds the alarm on pension inheritance tax upheaval May 13, 2026 City grandees have raised the alarm over government plans to overhaul key rules over pensions and inheritance tax. The sweeping reforms will allow scheme providers to retain half an outstanding pension pot to ensure executors can cover potential bills for inheritance tax, or IHT. Due to take effect in April next year, the changes will bring [...]
If Labour can’t cut taxes it could at least make them simpler May 12, 2026 Britain’s tax code is now among the most complicated in the world and businesses are left grappling with arbitrary distinctions that consume time and money. The King’s speech is a chance to reset the conversation, says Alan Vallance Ahead of the King’s Speech, the government faces a stark choice. It can continue layering new rules [...]
HMRC: self-employed workers twice as likely to file taxes late May 8, 2026 Self-employed workers are twice as likely to file their taxes late compared to higher earners, City AM can reveal, amid renewed focus over the administrative burden facing freelancers and sole traders. Those that are self-employed and on the lowest incomes below the basic tax rate threshold, are “significantly more likely to miss the self assessment [...]
HMRC handed red card in £584,000 football referee tax lawsuit May 5, 2026 HMRC has lost a long-running legal battle against the UK’s football refereeing body over the employment status of 60 referees, after the tax authority issued a £584,000 tax bill. In a judgment on Friday, the First Tier Tribunal (FTT) upheld that the referees were self-employed and not employed by the body, the Professional Game Match [...]