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Tax
Tax loophole “hands £4bn in private equity”
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…
Sunak announces a £2.4bn tax cut for pensioners in a bid to stabilize the election campaign
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 are stymied as the government borrows more than £20bn
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,…
London and UK Crown Dependencies are the launderers of nearly 40% of dirty cash
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…
Raising the VAT threshold to help small businesses
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…
Thames Water lobbys for higher bills and dividend payouts, as well as lower fines
Thames Water wants to avoid having to pay billions of pounds in taxpayer bailouts. It is lobbying government officials and the industry regulator Ofwat for permission to increase its bills, pay dividends, and lower fines.
The…
Britishvolt owner facing £8m tax bill in Australia
The reputation of the Australian businessman accused of intentionally ignoring tax laws in Australia has been further damaged. He faces a tax bill nearing £8 million.
The allegations against Australian David Collard have raised further…
Harry Potter publisher Bloomsbury is expecting to exceed full-year expectations
After the success of Sarah J Maas's new book, Bloomsbury expects to "significantly exceed" market expectations in terms of profit and revenue.
Publisher of Harry Potter said that they now expect annual revenue to be £291.4 and profit…
Watches of Switzerland clock up after review of ‘tourist taxes’
After the decision of the chancellor to review the tax-free shopping for tourist, some of London's largest sellers of luxury items were in high demand.
The potential reversal of so-called "tourist tax", which retailers claim has cost…
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…