Exclusive: Tax probe yields hit staggering £30bn as HMRC fights to recoup lost Covid revenues March 5, 2022 The total revenue HMRC generated from tax investigations and other compliance activity has risen to £30.8bn in 2021, up from £28bn in 2020 as it looks to pursue tax lost to evasion or avoidance during the pandemic, lawyers have told City A.M. this morning. HMRC had to suspend some tax investigations work for part of [...]
Sunak comes out fighting in defence of tax hikes and spending spree November 1, 2021 Tory Chancellor Rishi Sunak has defended his decision to swell the tax burden to its highest level in decades. Responding to a grilling from fellow MPs on the Treasury Committee, Sunak said last week’s bumper budget spending spree was designed to deliver on a “bunch of commitments” the government promised to achieve. The Chancellor’s decision [...]
Standard Chartered pre-tax profits rise 44 per cent November 2, 2021 Standard Chartered pre-tax profits have risen 44 per cent, according to the latest quarterly results announced today. Profit before tax at the British bank rose to $1.08bn, surpassing previous expectations but the bank warned investors to expect an “uneven” economic recovery and its outlook for earnings growth for 2021 remained flat. Chief executive at Standard [...]
Tax paid by Brits on at least £150k skyrockets as ‘fiscal drag’ makes HMRC increasingly lean on high income taxpayers April 20, 2022 The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with City A.M. Over the same period the total tax take from basic rate taxpayers [...]
Imposing VAT on private schools could be a net cost for the Treasury, research suggests May 20, 2024 John O’Connell, chief executive of the TaxPayers' Alliance, said: "VAT on private schools is a clear cut case of a policy gimmick that will do grievous harm to families with potentially pathetic results for revenues."
Swinney: Labour would cause ‘devastation’ to employment in oil and gas industry June 1, 2024 “There’s a lot of independent commentary that indicates that the plans of the Labour Party and particularly their tax grab that is being perpetuated by the Conservative and Labour parties is having a real damaging effect on investment in the oil and gas sector".
Santander: Bank cuts UK mortgage lending by more than £10bn October 25, 2023 Santander's UK division saw healthy pre-tax profit in the first nine months of 2023 but has slashed UK mortgage lending amid higher interest rates.
Sin taxes on smoking and sugar harm the people they’re supposed to help November 25, 2021 According to an economic study published last month, 90 per cent of all “sin taxes” on tobacco, alcohol and soft drinks in the US are paid by just 20 per cent of households. Eighty per cent of the taxes are paid by just ten per cent of households. This tax burden tends to fall disproportionately [...]
Brokers and investment platforms plummet on dividend tax hike September 7, 2021 Shares in investment platforms and brokers plummeted today after prime minister Boris Johnson announced a hike to dividend taxes. Broker, TP Icap, had 9.14 per cent shaved off its share price, plummeting to 179.04p from a day high of 196.60p. Investment platforms AJ Bell and Hargreaves Lansdown both suffered heavy losses, down 2.07 per cent [...]
HMRC’s investigations into UK’s biggest firms generate £69 in extra tax revenue for every £1 invested February 7, 2022 HMRC investigations into big firms generate significantly higher returns than investigations into small and mid-sized businesses, according to figures from Pinsent Masons, which said the investigative unit’s high returns will see the taxman focus on large corporate tax dodgers going forwards. The UK tax collector’s investigations into big firms generated £69 in extra tax revenues [...]