Exclusive: Businesses overpaying corporation tax up by 26 per cent to record £11.5bn July 12, 2021 Businesses claimed back a record £11.5bn in overpaid corporation tax from HMRC last year, a jump of 26 per cent from £9.1bn the year before, according to data by accountancy firm UHY Hacker Young, shared with City A.M. this afternoon. The firm stressed it is “extremely likely” that these refunds are merely “the tip of [...]
Retail traders look to profit from tumbling pound October 2, 2022 Retail traders have been looking to follow the lead of hedge funds in the past week and capitalise on wild swings in the value of the sterling, sparked by the government’s tax-cutting mini budget.
DEBATE: Are the IMF’s proposals for a one-off wealth tax a good idea? April 15, 2021 Danielle Boxall, media campaign manager at the TaxPayers’ Alliance, says No After the deepest recession in 300 years, the last thing ministers should be considering is new taxes. Covid has already placed a huge burden on families and businesses alike, the IMF’s suggestion of new taxes on individuals and companies could choke off the recovery [...]
Amazon pays no European corporation tax despite record sales last year May 4, 2021 Amazon reportedly did not pay any corporation tax in Europe last year despite reporting record sales, raising fresh questions over the ecommerce giant’s tax planning. The US firm, which has its European headquarters in Luxembourg, recorded sales income of €44bn (£38bn) in the region last year but reportedly not have to pay any corporation tax [...]
Labour steps up pressure on Rishi Sunak over Biden’s global tax plan May 20, 2021 Labour has stepped up its push to get Rishi Sunak to agree to Joe Biden’s plan for a minimum business tax rate among the world’s biggest economies. The party is calling on the government to put together a review of the effects of Biden’s proposal to implement a 21 per cent minimum on global business [...]
US investigates leaked records alleging billionaires including Musk and Bezos pay little tax June 9, 2021 The Treasury Department has asked authorities to investigate tax records cited in a media report that showed some of America’s richest people paid little to no income taxes. US media outlet ProPublica said it obtained a “vast trove of Internal Revenue Service data” on the tax returns of thousands of the nation’s wealthiest people, covering [...]
Judge orders Danish tax authority to foot £46m legal bills in failed litigation June 9, 2021 The Danish tax authority has been ordered to pay £46m in legal bills by a London court after its attempt to sue a British former hedge-fund investor failed. The Danish taxman put a $1.9bn (£1.5bn) fraud claim through the UK courts against Sanjay Shah and more than 100 other individuals and companies accusing them of [...]
Marston’s slumps to £105.5m pre-tax loss as restrictions hit business May 19, 2021 Marston’s fell to a £105.5m pre-tax loss in the 26 weeks to April 3, as coronavirus-led lockdown restrictions over the winter hit the pub group hard. Revenues during the six month period to April 3 dropped £343.3m to just £55.1m, although the balance sheet was boosted by £291 million from the sale of Marston’s brewing [...]
Council tax fails every rule of good taxation and is blowing back holes in local government budgets June 25, 2021 It won’t surprise anyone to hear local governments are in crisis. A decade of austerity has forced councils to cut essential services to the detriment of ordinary people across the country. The pandemic took that gap in funding and turned it into a black hole — one with the potential to force the Government to [...]
Apollo snapped up $1.1bn from UK pension funds in cash scramble November 2, 2022 Apollo Global revealed it bought over $1bn of assets from distressed UK pension funds as they scrambled to raise cash in the near-meltdown sparked by Liz Truss’s tax-cutting mini-budget.