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UK Tax
Labour Budget 2024 Delivers Historic Tax Overhaul and Economic Reforms
In a landmark fiscal announcement, Labour's Chancellor Rachel Reeves has unveiled a transformative budget featuring £40 billion in tax increases, marking a significant departure from previous Conservative policies. The comprehensive package…
British Tax Burden Inches Closer to European Union Average in Historic Shift
The United Kingdom's escalating tax burden has pushed government revenues nearer to European Union levels than witnessed in decades, marking a significant transformation that Labour's Rachel Reeves is poised to amplify with substantial tax…
Shares face tax hikes, so investors flock to gilts
Fears that the Labour government would increase the capital gains rate on shares during the budget next week has led to a rush of retail investors into the government bonds market.
The investment platform AJ Bell has reported a 71…
Rachel Reeves will raise capital gains taxes on the sale of shares
Rachel Reeves' budget will increase the capital gains tax rate on the sale and transfer of shares, other assets and property but not for second homes. The capital gains tax on the profits of selling shares, currently charged at a rate of…
Reeves says wealthy UK citizens will not be subject to a ‘tax on exit’
Rachel Reeves ruled out an exit tax for wealthy people who leave the UK in order to avoid higher taxes, in this month's Budget. Meanwhile, business is bracing itself for a hike in the capital gains tax.
In recent days, the chancellor was…
Entrepreneurs warn that capital gains tax will increase and cause a mass exodus
Stefano Vaccino gave a blunt appraisal of the risks involved in starting a new business. "As founders we left our secure jobs to take risks, put our own lives and the lives of our families at risk, and put our savings on line." In 2017,…
TotalEnergies warns that it will reduce UK investment due to windfall tax
TotalEnergies' chief executive said that the French oil major would reduce its investment in the UK if the government increased the windfall tax. Patrick Pouyanne says the plans of the Labour government to increase the tax rate and…
Wealthy Households and Businesses Brace for Tax Rises Following Starmers Speech
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…
What Tax Increases Could Feature in the UK Autumn Budget
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…
UK Government Borrowing Overshoots Expectations in July Amid Public Spending Growth
The UK government's borrowing figures for July have surpassed expectations, reaching £3.1 billion, which is more than double the amount recorded in the same period last year. This higher deficit has intensified the ongoing debate between…
Income Tax Receipts Reach 16-Year High in July Amid Frozen Tax Thresholds
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…
Milan will benefit from the flight of wealthy UK citizens to Italian tax regime
London has always been a favourite among the rich and famous because of its well-connected financial center, which also offers a great deal in terms of culture.
The UK capital could be losing its favored position among ultra-rich…
HMRC withheld offshore Tax Avoidance figures for UK wealthy during election
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…
Number of UK top-rate taxpayers to exceed £1mn for first time
This year, the number of UK residents paying the highest rate of income tax will surpass £1 million for the first. The state's finances are boosted by a freeze on thresholds and wage increases.
Due to the freezing of income tax…
The number of UK income tax filers has risen by 4.4m over the past three years as a result of…
Official data shows that the number of people forced to pay income tax in Britain has risen by an estimated 4,4 million in just three years due to the government's freezing of thresholds. This statistic is likely re-ignite the tax debate in…
HMRC to crackdown on private equity and professional service firms
The UK tax authority has launched a crackdown against businesses operating as limited liability partnership. This could result in hundreds of millions of pounds being owed by private equity firms and professional service firms.
HM…
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…