Raising taxes on working people is ‘bananas’, economists warn March 30, 2022 Raising taxes on working people while shielding other forms of income from levies is “bananas,” according to a top wonk’s analysis of chancellor Rishi Sunak’s spring statement. Hiking employers and employees national insurance contributions 1.25 percentage points in April instead of using income tax to raise revenue is the “opposite of what everybody thinks we [...]
M&C Saatchi chair steps down as advertising firm unveils largest ever pre-tax profit of £31m January 24, 2023 Gareth Davis said he would not seek to be re-elected as chair of advertising giant M&C Saatchi. Davis made the announcement as the firm reported a nine per cent year-on-year increase in net revenue of £271m during 2022. M&C Saatchi also revealed it had made its largest ever profit, £31m, during 2022; the 14 per [...]
Windfall tax misses the point – energy giants must invest May 3, 2022 A windfall tax is a terrible idea – but BP would have been savvy to up investment not go for a buyback It’s the middle of 2020, and the price of oil has tanked to almost single digits. Energy giants are being slammed by an almost total collapse in demand. BP’s share price is down [...]
Government amends windfall tax as energy body warns of supply shocks this winter July 6, 2022 The Government has made several amendments to the Energy Profits Levy, with industry bodies calling for further changes ahead of winter.
The future of tax in the UK, an expert view January 18, 2022 This article first appeared in ICAS’ CA magazine. Young businesses have the potential to drive post-pandemic recovery – but is the UK’s ageing tax system a help or a hindrance to entrepreneurs? Fraser Allen asks four experts to share their thoughts Earlier this year, the Institute for Fiscal Studies published a blunt assessment of the way [...]
Rees-Mogg says cutting taxes could reduce inflation in split with PM June 28, 2022 Jacob Rees-Mogg has said cutting taxes immediately may reduce inflation in comments that will put him in direct dispute with Boris Johnson and Rishi Sunak. The Brexit minister today said getting inflation under control “doesn’t necessarily mean tax increases – indeed it could mean tax cuts”. Johnson and Sunak have both said the UK cannot cut [...]
Rees-Mogg brushes off U-turn on scrapping 45p tax rate as ‘just politics’ October 3, 2022 The government’s stunning decision to U-turn on its plan to slash taxes for the country’s highest earners has been described as “just politics” by business secretary Jacob Rees-Mogg. Rees-Mogg said at a Tory conference fringe event today that “it is a political reality that sometimes things you want to do don’t receive the approbation of [...]
Kwarteng to U-turn on scrapping 45p tax rate: ‘We get it – we have listened’ October 3, 2022 Chancellor Kwasi Kwarteng will U-turn on scrapping the 45p tax rate amid opposition from his own MPs and former ministers. The government is to row back on the policy following vocal opposition from former cabinet ministers Michael Gove and Grant Shapps. On Sunday, the Prime Minister said she was “absolutely committed” to the policy. Posting [...]
Shell: ‘We understand worry for millions – but windfall tax creates uncertainty’ May 27, 2022 Shell has slammed the government’s windfall tax. It said while it “understands the worry for millions” about the cost of living crisis, the new tax creates “uncertainty” about investment in the UK energy sector. This follows Chancellor Rishi Sunak announcing a so-called Energy Profits Levy, a 25 per cent surcharge on North Sea oil and [...]
Overhaul tax system to boost firms’ tech investment, says Sage boss June 26, 2022 The boss of British software giant Sage has called for an overhaul of the UK’s tax system to boost firms’ investment in digital growth and tech infrastructure.