EU to ban petrol car sales by 2035 and slash aviation fuel tax exemption in massive climate push July 14, 2021 The EU today unveiled a huge package of climate-based reforms including an effective ban on the sale of new petrol and diesel vehicles from 2035. Under the proposals, the European Commission said it was targeting a 100 per cent reduction in emissions from cars by the middle of the next decade. In order to push [...]
Legal Q&A: How referees’ pay could be hit by a tax dispute with HMRC and why this could have wide-reaching effects on the gig economy September 21, 2021 Lawyer Kevin Barrow explores the implications of an ongoing case between referees and HMRC. What’s this case about? It’s about whether PGMOL (Professional Game Match Officials Limited) needs to deduct income tax and National Insurance Contributions (NICs) from payments it makes to referees whom it has engaged on a self-employed “gig worker” basis to officiate at [...]
Biden hits out at Big Oil’s record profits as White House fails to tame inflation June 12, 2022 US President Joe Biden called on ExxonMobil to drill for more oil and pay higher taxes in a stunning broadside on the US oil industry.
‘Snotty tweets’: Amazon clashes with Elizabeth Warren over taxes and unions March 27, 2021 Amazon has become embroiled in a rare public row with US senator Elizabeth Warren over issues including its tax and employment practices. The dispute kicked off on Thursday when the Massachusetts senator posted a video accusing Amazon of “exploiting loopholes and tax havens to pay close to nothing in taxes”. The ecommerce giant replied saying [...]
Income tax freeze to cost Brits £8bn by 2025 March 3, 2021 Income tax personal allowance thresholds will be frozen until 2025, costing Brits £8.1bn by 2025-26. Both the Personal Allowance, and the Basic Rate Limit, will be set at 2021-22 levels for five years. Whilst the Chancellor said in the Budget that take-home pay would not fall as a result of the measure, the move will [...]
Rishi Sunak’s choices: The taxes that may define this year’s Budget March 1, 2021 It is becoming increasingly clear tax hikes are firmly on the Chancellor’s agenda this week, as Rishi Sunak has hinted that he will raise some in the Budget on Wednesday. He is reportedly keen to “level” with people about the fiscal challenges to come. The Chancellor’s primary objective will continue for to be supporting the [...]
Pandemic profiteers face tax hike on Covid winnings February 7, 2021 Companies that have cashed in a result of the coronavirus pandemic, including the likes of Amazon, will face a double tax raid under plans being draw up by the government. The government has summoned companies to discuss how an online sales tax would work, while plans are also being drawn up for a one-off “excessive profits tax,” the [...]
Sir Martin Sorrell: ‘Chickens will come home to roost’ with post-Covid tax hikes May 4, 2021 Tax rises are inevitable in order to tackle spiralling pandemic-driven public debt across the world, Sir Martin Sorrell has warned. The S4 Capital advertising mogul told City A.M. that while he expected strong economic growth this year and in 2022, “at some point the chickens do have to come home to roost”. Sorrell said he [...]
UN chief calls for wealth tax on rich who profited during the pandemic April 12, 2021 The head of the United Nations has urged governments to impose a “solidarity or wealth tax” on rich people who profited during the coronavirus pandemic. UN secretary-general Antonio Guterres said the new tax scheme would help slash extreme inequality. “We must make sure funds go where they are needed most. Latest reports indicate that there [...]
Aligning CGT with income tax would be a mistake, warns Andersen’s tax head November 12, 2020 The government’s tax advisory body published yesterday a highly anticipated report into capital gains tax, concluding that the current rules are ‘counter-intuitive’ and create ‘odd incentives’ in several areas. Instead, Rishi Sunak should increase capital gains tax rates in order to reel in an extra £14bn, according to the Office for Tax Simplification, as it [...]