Rise in capital gains tax on the cards as Chancellor Hunt scrambles to raise £50bn November 4, 2022 As the Chancellor is weighing up “difficult decisions” to address a £50bn black hole in the public finances, Jeremy Hunt is looking at raising taxes on the sale of assets such as shares and property. Hunt is also considering an increase in dividend tax, in a move that would come as a blow to entrepreneurs. [...]
UK will become ‘innovation wasteland’ if Hunt pushes through R&D tax relief cuts, FSB warns February 22, 2023 The UK will become an “innovation wasteland” if the government pushes ahead with plans to slash research and development (R&D) tax relief, the Federation of Small Businesses (FSB) has warned. The UK’s largest business group urged ministers today to reverse plans to gut the R&D tax relief scheme, announced by Chancellor Jeremy Hunt in November, [...]
Shops’ tax bill 755 per cent higher than online rivals amid war of words over sales tax May 23, 2022 Traditional brick and mortar retailers pay 755 per cent more – almost eight times – than their online rivals in business rates tax. The figures come after Sainsbury’s and Marks and Spencer execs have voiced differing opinions over the prospect of an online sales tax. Fresh analysis by real estate advisor Altus Group has found [...]
Council tax rebate goes to 19m households in £150 cost of living boost November 1, 2022 Millions of people have received their £150 council tax rebate from the government, as the deadline to ensure eligibility for it is extended. 19 million households, representing 99 per cent of those who can receive it have now got the money in their bank accounts, it has been announced. In total, £2.87bn of the council [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
Starmer commits to reversing Truss’ cut to 45p rate of Income Tax September 25, 2022 Sir Keir Starmer has vowed to reverse the government’s decision to cut the 45p top rate of Income Tax for the UK’s biggest earners if Labour wins the next election. The Labour leader also said he would keep Liz Truss’ 1p cut to the 20p basic rate of Income Tax. Chancellor Kwasi Kwarteng announced the [...]
Broadband, mobile bills and council tax rises threaten ‘awful April’ for householders already facing cost of living crisis March 31, 2023 Households battling the cost of living crisis are facing an onslaught of price hikes that could leave the average family hundreds of pounds a year worse off. From April 1, millions of people will face increases to their broadband, mobile, water and council tax bills. Most local authorities are putting up council tax by 5 [...]
Burnham calls on Starmer to show more ‘fight’ against Truss’ tax cuts September 25, 2022 Greater Manchester mayor Andy Burnham has called on Sir Keir Starmer to show more “fight” against the government, after a day of fuelling speculation that he wants to be the next Labour leader. Burnham told an event at the Labour conference today that he supported Starmer, but that “we need to get a bit more [...]
Tax vote in 2016 saved Sunak £300k: Number 10 insists PM backed it ‘in national, not personal interest’ March 24, 2023 Downing Street has insisted Government decisions are made “in the national interest, rather than personal interest”, after reports that Rishi Sunak saved more than £300,000 due to a cut in capital gains tax he voted for in 2016. The Prime Minister released a summary of his tax affairs on Wednesday, showing that he had paid [...]
Number 10 says Johnson will not announce windfall tax on electricity July 11, 2022 Downing Street today said Boris Johnson will not extend the government’s energy windfall tax to electricity producers. There was speculation when the 25 per cent tax on North Sea oil and gas was announced in May that it would include electricity generators, including on wind farms and other green energy producers, however Boris Johnson’s official [...]