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UK Tax
UK chancellor: Income tax threshold will be squeezed for six years, until 2028.
Jeremy Hunt confirmed that the income tax threshold freeze of six years, which forces millions to pay higher rates, would last until 2028.
Labour is free to copy the comments of the chancellor on Britain's largest tax increase on incomes…
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,…
IMF urges UK debt to be reduced
The IMF has warned Rishi Sunak to take more aggressive action to reduce the UK public debt. This puts into question the prime minister’s plans to cut national insurance.
The IMF published its Fiscal Monitor on Wednesday, and listed the…
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…
Jeremy Hunt is considering scrapping the ‘nondom’ tax status in the Budget
Jeremy Hunt has prepared an emergency Budget plan to scrap or reduce Britain's non-dom tax rules in the event he needed to raise billions to fund pre-election mass-market tax cuts.
Treasury insiders say the chancellor is working on a…
Sunak’s tax raid is a stealthy one to catch 900,000.
New analysis shows that Rishi Sunak’s stealthy tax raid could hit up to 900,00 pensioners next year with a unexpected income tax bill.
The six-year tax threshold freeze by the Prime Minister will make it necessary for hundreds of…
UK taxpayers invested £400m in OneWeb. Its technology is now a gift for France.
Pouring £400 million of taxpayers' cash into a bankrupt satellite company in the middle of a pandemic was something of a head-scratcher for the public. But for Dominic Cummings, spending the money in June 2020 to rescue the British…
The sharp fall in UK government borrowings in December has raised the prospect of budget tax cuts
The UK government borrowed less in December than was expected, which is a boon to chancellor Jeremy Hunt’s plans to reduce taxes in advance of the expected general elections this year.
According to the Office for National Statistics, the…
British Steel is rocked by auditor’s resignation after only a year
British Steel, a Chinese-owned company, has been shocked by the resignation of its auditor. The new auditor was unable verify stock worth tens and millions of pounds.
Moore Kingston Smith, who audited the finances of British Steel for…
Tories see income tax revenue soar to £264bn
The income tax revenue has risen by 70 percent since 2010, to £264 billion. This shows the dramatic increase in tax burden that successive Conservative governments have overseen since they came to power.
HM Revenue & Customs figures…
Sunak and Starmer prepare to fight over tax reductions ahead of the election
On Sunday, UK Prime Minister Rishi sunak and Labour Leader Sir Keir starmer squared off for a "fight", as they set the battle lines for the general election to be held this year.
Sunak said that the Conservatives will cut taxes on…
Film, TV, and video-games producers will get a more generous UK tax break
Video-game, TV, and film producers in the UK will receive more generous tax incentives from Monday. This comes after industry warned that the UK could lose out on animation and special effects.
The government announced that all companies…
UK pharmacies hit back at HMRC’s tax probe on locum staff
UK pharmacy operators have reacted angrily to a probe conducted by HM Revenue & Customs on their use of locum pharmacies. They warn that a "retrospective attempt" by the tax agency, in order to recover cash, could lead high street…
Jeremy Hunt reduces national insurance, but taxes are at postwar highs
Chancellor Jeremy Hunt cut personal and business taxes by £20bn as part of his Autumn Statement aimed to boost growth. However, the UK's Budget Watchdog warned that taxes in general are still increasing at a high post-war level.
The…
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…
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…