Budget: Chancellor abolishes lifetime pension allowance saying ‘no one should be pushed out of the workforce for tax reasons’ March 15, 2023 Chancellor Jeremy Hunt has abolished the pension lifetime allowance and increased the annual tax free pension allowance by 50 per cent to £60,000 a year. The measure was one of several unveiled in the Budget and aimed at encouraging an estimated 3.5m people of pre retirement age back into the workforce. Hunt said: “Turning 50 [...]
Chancellor’s R&D tax relief cut for startups jeopardises UK innovation funding November 22, 2022 Most of the UK’s spending on research and development (R&D) hangs on the shoulders of businesses, leaving a sour taste in the mouths of startups following the Chancellor’s latest budget. The business sector contributed £44bn – the equivalent of 71 per cent – of R&D funding in 2020, followed by universities, which pumped in £13.9bn, [...]
Kwarteng says ‘let’s see’ on tax cut U-turn as speculation mounts October 13, 2022 Kwasi Kwarteng tonight said “let’s see” in the face of questions about another potential tax cut U-turn, giving the strongest indication yet that there will be an about face from the government. The chancellor told the BBC “my total focus is on delivering on the mini-Budget and making sure we can get growth back into [...]
PwC strikes deal with San Francisco startup to let lawyers and tax experts use AI chatbot March 15, 2023 PwC has struck a deal to start using an artificial intelligence (AI) chatbot to speed up work in its tax and legal divisions as the world’s top professional services firms increasingly look towards tech to boost efficiency. The accounting firm’s initial 12-month contract with San Francisco startup Harvey will see all 4,000 staff in PwC’s [...]
Truss urged by City to keep bank tax cut to boost competitiveness September 5, 2022 Liz Truss has been urged by City figures to slash taxes on banks amid speculation the incoming Prime Minister could lighten the tax burden for UK firms. Ex-chancellor Rishi Sunak last year announced a cut in the UK bank surcharge on profits from 8 to 3 per cent to offset the effect of a planned [...]
Reeves says UK in ‘doom loop’ and being ‘held back’ as Hunt hikes taxes November 17, 2022 Rachel Reeves has described the UK as being in an economic “doom loop” as she hits out at the government’s newly announced tax hikes. Labour’s shadow chancellor said the “mess we are in is the result of 12 weeks of Conservative chaos, but also 12 years of Conservaitve economic failure”. Chancellor Jeremy Hunt announced public [...]
Chancellor Hunt says he can’t rush into tax cuts before economy gets back to growth March 11, 2023 British finance minister Jeremy Hunt said he wanted to lower tax rates for individuals and especially businesses in the longer term but warned it would take time because the economy needed to grow more quickly first. Hunt, who is due to present his budget on Wednesday, said in an interview broadcast on Saturday that lower tax [...]
OBR: UK is already in recession and taxes on course for post World War II high November 17, 2022 The UK is already in a recession that will burn a huge hole in the public finances, forcing the government to hike taxes to their highest level since just after the Second World War in the 1940s, the country’s fiscal watchdog warned today in forecasts published alongside Jeremy Hunt’s autumn statement. The Office for Budget [...]
North Sea oil and gas production will be hit by hiked windfall tax, says Investec November 16, 2022 The UK jeopardises future North Sea oil and gas production, if the windfall tax is toughened up tomorrow, argued Investec.
Government must ‘urgently reform’ road taxes to avoid £10bn shortfall created by EV transition, says think tank June 1, 2023 The government must “urgently reform” its road taxes in order to avoid a multi-billion pound revenue shortfall created by the EV transition, says a new think tank report. According to research from the Resolution Foundation, lower taxation of EVs, particularly the absence of a fuel duty, will create a growing £10bn “fiscal hole,” within the [...]