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Tax
After UK scrapped tax-free shopping, high-spending tourists are turning to their European neighbours
According to a recent data analysis, Britain has lost out on international visitors who spend a lot of money after the government removed tax-free shopping as a result of its exit from the EU.
The UK has seen a dramatic drop in non-EU…
Expert: Post Office could be facing a bill of up to £100m for compensation tax relief
According to a tax specialist, the Post Office may be insolvent after claiming tax benefits for compensation payments made to post office operators.
Dan Neidle is the director of the non-profit Tax Policy Associates. He said that the…
Global Minimum Tax on Multinationals to be implemented to raise $220bn
As part of landmark tax reforms, big multinational companies will be subjected to a global tax minimum for the first ever on Monday. The aim is to generate an extra $220 billion in revenue annually.
Nearly three years after 140 nations…
BlueCrest loses its appeal regarding tax on partner’s pay
After losing a major legal battle before the Court of Appeal, partners at billionaire Michael Platt’s investment firm BlueCrest Capital will be liable for income taxes on a pay system dating back to 2008.
The court in London ruled that…
In Scotland, higher earners will be charged a higher tax rate to protect public services
After ministers in Edinburgh tried to cut back on public services while funding a council tax freeze, they decided to tax higher earners in Scotland.
Shona Robertson, Scotland's Finance Secretary, announced that a new, "advanced", 45p…
Guy Hands: I shouldn’t have left the UK to go to Guernsey for its low tax
Guy Hands is one of Britain's most well-known investors. He has admitted that he regrets leaving the UK and becoming a tax exile. However, he warns others to not follow his example , if Labour increases taxes on private equity.
The…
Hunt’s promise to build a ‘lower tax economy’ fuels Tory hopes for cuts
Jeremy Hunt said on Sunday that he would put Britain "on a pathway to a lower tax economy" during this week's autumn statement, which has fueled expectations among Conservative MPs. He is expected to announce tax cuts for individuals and…
Hunt’s tax-cutting room squeezed by £15bn losses on Bank of England bonds
A top investment bank warned that the Bank of England’s decision to sell off government bonds costs taxpayers £15bn a yearly and limits Jeremy Hunt’s ability to reduce taxes.
Deutsche Bank stated that Threadneedle's decision to…
Hunt’s £10bn tax cut headroom at Autumn Statement is a significant amount, according to…
JP Morgan says that Jeremy Hunt can cut taxes by up to £10bn in the Autumn Statement next week, as the outlook of the economy improves while inflation slows down.
Allan Monks is an economist with JP Morgan. He said that he expected…
Apple loses in EU top court over tax bill of EUR14.3bn in Ireland
Apple's tax dispute with Brussels over €14.3bn has suffered a setback after an advisor to the EU top court suggested that an earlier ruling on its business in Ireland be rescinded.
Giovanni Pitruzzella said that the landmark ruling which…
The UK Supreme Court has given the green light to a Danish tax fraud case worth £1.4bn
After the UK Supreme Court refused to allow him to stop it from being heard in England, Danish authorities were allowed to pursue a tax fraud case worth £1.4bn against financial institutions and Sanjay Shah’s hedge fund at London’s High…
HMRC is facing a growing demand as more people are forced to pay tax.
The UK tax authority warned it would face additional costs in this year due to 1.2mn people being added to the tax net as a result of higher income and savings rates.
Jim Harra told Members of Parliament that HMRC was prepared to handle…
Do wealthy UK trusts hoard their charitable donations in order to avoid paying taxes?
According to a think tank analysis, UK charitable foundations that have assets totaling more than £12bn only give away a fraction of their assets to worthy causes every year.
Pro Bono Economics conducted exclusive research that…
Ark sees silver lining to massive ETF losses – years of tax benefits
Cathie Wood, Ark Investment Management's asset manager, has a new pitch for investors who may be worried about the huge losses the asset manager suffered due to the rising interest rates. Think of the tax write offs.
Morningstar reports…
Italy announces €24bn of tax cuts and wage increases to boost the faltering economy
Giorgia Mello, the Italian Prime Minister, plans to spend €24bn next year on tax cuts and pay increases for public sector workers to boost consumption and revive a stagnant economy. This is despite investor concerns over Italy's finances.…
Microsoft pays HMRC £136m amid US tax row
The software giant paid the money in the past 15 months as part of a "bilateral contract".
Microsoft paid HMRC £136m for back taxes as part of a deal reached with authorities regarding how the company shifts its revenues…
Portugal will scrap tax breaks for foreigners because of ‘fiscal injustice
Portugal is planning to scrap a controversial foreigner tax break that attracted a large number of wealthy people to the country, but also stoked an housing crisis in Portugal by driving up house prices.
Antonio Costa, Prime Minister of…
UK exporters will be hit with a hefty EU Carbon Tax Bill after Sunak’s weakening of climate…
The UK's climate targets have been weakened by Rishi Sunak, leaving British exporters to face hundreds of millions in EU border taxes on carbon within the next 10 years -- revenue that would otherwise have gone to the Treasury.
After the…