Hunt to stare down Tory backlash as he hikes taxes across the board November 16, 2022 Jeremy Hunt will have to stare down a potential Tory backbench rebellion as he delivers his tax-hiking fiscal statement tomorrow. The chancellor has warned that the mixture of spending cuts and tax rises is necessary to restore economic credibility, however they may well dent his own credibility in the Tory party. There are already rumblings [...]
Startups hit by R&D tax relief cut despite push for growth November 17, 2022 The Chancellor has cut the rate of research and development (R&D) tax relief for small businesses, in a “hugely disappointing” move for startups. In his Autumn budget, Jeremy Hunt slashed the relief from 14.5 per cent to 10 per cent, which may see the UK’s SMEs struggle to secure enough funding for R&D, according to [...]
UK losing out on £2bn a year by not taxing shipping pollution, green groups say February 6, 2023 The UK government is missing out on £2bn a year by not taxing shipping pollution, environmentalists say, if plans to extend the Emissions Trading Scheme to the sector are applied more broadly. Introduced by the UK government after Brexit, the ETS caps the amount of greenhouse gas emissions energy-intensive sectors – such as aviation and [...]
SSE profits soar in line with energy prices as windfall tax expansion looms November 16, 2022 Energy giant SSE reported a 221 per cent surge in pre-tax profits for the first half of the year today on the back of spike in gas and electricity prices this year.
Chancellor ‘misses a trick’ by not re-introducing tax-free shopping for overseas tourists November 17, 2022 West End business leaders have slammed the Chancellor for not changing his mind on an introduction of VAT free shopping for overseas tourists. Despite calls from luxury retailers this month, Jeremy Hunt made no mention of the prospect of introducing tax-free shopping for overseas visitors making trips to London’s shopping heartlands. Last month, Hunt announced [...]
HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
Windfall tax hike risks no new investment in North Sea, warns analyst November 14, 2022 The UK risks no new investment in the North Sea oil and gas sector, if the Government toughens up the windfall tax, warns Stifel.
Car makers call for EV tax cuts in March Budget to help drive green transition February 6, 2023 Car makers have called on the UK government to implement a raft of tax cuts in the March Budget to help support the transition to electric vehicles. The Society of Motor Manufacturers and Traders (SMMT) said today that the upcoming budget – which will be announced on 15 March – is a good opportunity to [...]
Truss tax cuts: Wonk warning on hit to public finances August 29, 2022 LIZ TRUSS’ planned tax cuts would “completely crash the public finances,” warned the boss of one of the UK’s foremost economic think-tanks, the Institute of Fiscal Studies. Prospective new Prime Minister Liz Truss is expected to announce an emergency budget early on in her administration if she, as expected, is made leader of the Tory [...]
Hunt reportedly set to retain SMEs 19 per cent tax rate amid fears for tech March 12, 2023 Small and medium sized enterprises (SMEs) are set to hold on to the 19 per cent rate of company tax amid concerns for the future of the UK’s tech sector, the Mail has reported. Chancellor Jeremy Hunt will hand small and medium businesses major tax breaks to boost investment in the spring statement this week, [...]