Sunak resists calls to scrap tax hikes despite lower than expected borrowing March 22, 2022 The government borrowed much less than expected over the year so far, indicating Chancellor Rishi Sunak has room for giveaways at tomorrow’s spring statement. The UK borrowed nearly £26bn less than the fiscal watchdog expected in the year to February, the Office for National Statistics (ONS) said today, freeing up some room for the Chancellor [...]
UK pension holders in for a shock as thousands face unexpected tax charges due to exceeding lifetime allowance May 12, 2022 Thousands of pension savers potentially face tax charges as they have more than the lifetime allowance sitting in their personal pensions, figures indicate. Around 2,300 people have been paying into personal pension schemes exceeding the lifetime allowance of £1,073,100, according to HM Revenue and Customs (HMRC) data. InvestingReviews.co.uk obtained the figures from HMRC following a [...]
Government faces ‘grim reality’ on national debt, peers warn September 10, 2024 "If we wish to improve the level of and quality of services, and continue the current provision of benefits, taxes will need to rise. The alternative is that the state does less," the report said.
Lloyd’s insurance vehicle Inigo surpasses £885m in gross written premium April 24, 2024 The specialist insurer Inigo has surpassed $1bn in gross written premium as well as reporting skyrocketing results for its profit before tax
Rishi Sunak is ‘pragmatic’ about imposing windfall tax on soaring energy profits as Brits’ bills skyrocket May 13, 2022 Chancellor Rishi Sunak said he was “pragmatic” about possibly imposing a windfall tax on the soaring profits of oil and gas giants as customers’ bills rise. Prime Minister Boris Johnson has shown firm opposition to the raid but has conceded “we’ll have to look at it” after BP chief executive Bernard Looney said his investment [...]
Stop patching – start rewriting: modernising tax administration November 25, 2021 An unsuspecting taxpayer might assume that the Taxes Management Act 1970 (TMA) would tell them all they need to know about complying with their tax obligations – and HMRC’s powers to enforce that compliance. However, they would be disappointed. What is wrong with TMA? Since 1970 there have been major upheavals in the rules for [...]
Why high rates affect the UK’s public debt more than other G7 countries February 27, 2024 As the Chancellor comes under pressure to cut taxes in the Spring Budget, he will be forced to consider the surge in the UK's public debt interest costs.
‘Pump-price competition is broken’: AA disagrees with watchdog’s verdict that 5p tax duty cut WAS passed on at the pump July 8, 2022 Motoring groups have disagreed with Competition and Markets Authority’s verdict that the 5p fuel duty cut was reflected in pump prices, as the watchdog calls for further investigation and more transparency. The CMA’s urgent review, ordered by Business Secretary Kwasi Kwarteng, found an increase “refining spread” added 24p a litre to petrol and diesel over [...]
Cabinet not united: Minister Kit Malthouse breaks ranks and calls on Chancellor Rishi Sunak to cut taxes May 9, 2022 The government’s Minister of State for Crime and Policing Kit Malthouse has called on the chancellor, Rishi Sunak, to cut taxes as soon as possible. The Chancellor should roll out plans to reduce taxes to tackle the cost of living crisis, Malthouse said during an interview on TalkTV. “The Chancellor has already signalled his desire [...]
Rathbones profit skyrockets 120 per cent as Investec merger pays off July 31, 2024 Rathbones Group's underlying profit before tax skyrocketed 120 per cent in the first half of the year, after its merger with Investec W&I.