IFS joins calls for ‘serious reform’ of capital gains tax October 6, 2024 Rachel Reeves is reportedly considering a range of tax hikes in the budget, including to CGT, as she seeks to put the public finances on surer footing.
Labour MP defends Chancellor’s decision to rule out wealth tax October 5, 2024 One of the rising stars of the new intake of Labour MPs has defended Chancellor Rachel Reeves’ decision to rule out a wealth tax against the richest. Torsten Bell, a former Treasury official and chief executive of the economic think tank Resolution Foundation, said a wealth tax would not raise “significant revenues”. Reeves has previously [...]
Fiddling with pensions is fine. Changing the overall model is not, though October 5, 2024 Most Chancellors tinker with pensions allowances - but it's important to remember that none have changed the underpinning model of pensions tax relief - for good reason
Is Rachel Reeves planning a £24bn pension tax raid? October 1, 2024 It has been reported that the Treasury is considering what could amount to a £24bn pension tax raid as Rachel Reeves tries to plug her £22bn budget black hole. The Chancellor has reportedly been looking at tax relief on pension contributions, specifically, employers’ national insurance relief. There are two forms of national insurance. Employees, paid [...]
Labour looks to water down packaging tax plan September 29, 2024 Ministers are set to make changes to a planned £1bn packaging tax proposed by the last government, according to reports.
City sounds alarm over fears that non-dom reforms won’t raise money September 27, 2024 Leading city figures have urged the government to adapt its planned reforms to the non-dom tax regime, after it was revealed that Treasury officials are concerned that the reforms may not raise any money. Labour has promised to scrap the non-domicile (non-dom) regime – a tax status that allows wealthy foreign nationals only to pay [...]
Pay tax on your gifts, top accountancy firm warns politicians amid Labour row September 26, 2024 Politicians should pay tax on gifts in the same way that other industries and individuals do, a leading accountant has said. Currently, firms and workers in sectors where gifting is commonplace and an element of their profession – such as the media industry or online influencers – are made pay to income tax and, in [...]
The Debate: What to do with inheritance tax? September 26, 2024 Inheritance tax, sometimes dubbed ‘Britain’s most hated tax’, currently stands at 40 per cent and is paid on estates worth over £325,000, although there are a range of exemptions which mean only five per cent of deaths are taxed and often at a much lower effective rate. As the Chancellor prepares to review taxes in [...]
Non-dom crackdown: Fears it will fail to raise cash and actually cost the UK money September 26, 2024 Officials fear that the government's plan to close loopholes in the non-dom tax regime might fail to raise any extra revenue at all, according to reports.
Which taxes will Labour hike in the October Budget? September 25, 2024 Kier Starmer has said that those with the "broadest shoulders should bear the heavier burden". So where will Starmer and Reeves turn to raise some extra cash?