Tax

Three people with knowledge of the situation say that the Bank of London board of directors and its new management team did not know about its unpaid tax debts until HM Revenue & Customs submitted a petition on Thursday to dissolve it…

Aviva, the FTSE 100 insurance giant, faces serious allegations of tax evasion and regulatory violations in India, according to a report by the country's tax authority. The Directorate General of Goods and Service Tax Intelligence claims…

In the wake of Sir Keir Starmer's keynote speech in Downing Street, wealthy households and businesses across the UK are preparing for potential tax increases as the government aims to address a £22bn shortfall in public finances. Starmer's…

As Prime Minister Keir Starmer warns of "painful" decisions ahead for the UK's public finances, speculation is mounting about which taxes could be raised in the upcoming Autumn Budget. While Chancellor Rachel Reeves has ruled out increases…

Britain's second-largest trade union, Unite, is urging the new Labour government to introduce an emergency 1% wealth tax on the assets of the super-rich. The proposed tax would be applied to individuals with assets exceeding £4 million,…

Income tax receipts soared to an impressive £32.7 billion in July, marking the highest figure for that month since records began in 2008, according to the latest official data. This significant increase highlights the government's reliance…

The Future Fund, a £1.14 billion portfolio of investments established by former Conservative prime minister Rishi Sunak during his tenure as chancellor, is facing a growing number of bad investments. Managed by the British Business Bank…

Italy doubled its flat tax on foreign income for new residents. This is a blow for wealthy expats who are fleeing higher taxes elsewhere in Europe. The cabinet of Prime Minister Giorgia Mello approved on Wednesday a hike in the annual…

Coca-Cola's dispute with US tax authorities, which has lasted for a decade, could now amount to $16bn, or enough to wipe out an entire year and a quarter of profits. The figure is expected to rise by $1bn per year. According to a harsh…

In a shocking revelation, it has come to light that the UK government's flagship scheme to promote research and development has been marred by widespread abuse, resulting in a staggering loss of over £4bn due to fraud and error since 2020.…

The tax officials have been under pressure to release estimated figures about offshore taxes avoided, after they withheld the information from a report that was published during the campaign. Lucy Frazer, the then Financial Secretary to…

HM Revenue & Customs has filed a petition to wind up Jessops. The 89-year old camera shop chain is now owned by Peter Jones. He is the Dragons' Den actor. If the retailer fails to pay its tax, it could fall into insolvency. It has…

According to a G20-commissioned report, a global minimum tax on billionaires could raise up to $250bn per year and be implemented successfully even if not all countries adopted it. Gabriel Zucman is an economist who wrote the paper. He…

Data was obtained that revealed private equity executives received tax breaks worth up to £4 billion as a result of the "carried-interest" rules. Labour intends to eliminate these rules if they win the general elections. The figures show…

Rishi Sunak, the Conservative Party's leader in the General Election campaign, will announce on Tuesday a £2.4bn (£2 billion) tax cut for retirees. The move is intended to bolster the "grey vote", a key Conservative constituency. The UK…

Jeremy Hunt’s plans to cut taxes before the election have been stymied after higher benefits spending and lower tax revenues pushed government borrowing over £20bn in July. The Office for National Statistics said that the Budget Deficit,…

The deputy UK foreign secretary said that nearly 40% of dirty money is sent through the City of London, and other Crown dependencies. Andrew Mitchell said the Foreign Office will be putting pressure on crown dependencies, overseas…

From April, thousands of small businesses and self-employed people will not be required to charge VAT at 20 percent. The threshold for VAT registration has been raised from £85,000 up to £90,000. This is the first increase in seven…