Former Chancellors argue against corporation tax hike Three of his predecessors have warned Chancellor Jeremy Hunt that going ahead with a planned increase in corporation tax would be a mistake. Lord Hammond said he was “disappointed” with the upcoming increase from 19% to 25%, saying: “My view on corporation tax is always that it’s better to have lower than higher.” Meanwhile, Kwasi […] By Lisa Brownlow, 7 March 2023
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Higher taxes and regulations drive buy-to-let exodus The Bank of England’s Monetary Policy Report on Thursday said demand for rental properties has continued to outstrip supply as “the number of landlords choosing to exit the market increased”. Official data shows that rents across all private UK tenancies jumped by 4.2% year-on-year in December – the highest rate recorded since data set began […] By Lisa Brownlow, 14 February 2023
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Even Labour supporters think IHT is unfair A new study by Oxford University professor Ben Ansell has revealed the constituency most opposed to inheritance tax is the Labour-held west London seat of Hayes and Harlington. The findings showed “a striking distaste for taxation on inheritance” across the political spectrum. Less than a third of Labour supporters think IHT is fair, falling to […] By Lisa Brownlow, 9 February 2023
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Record number of taxpayers file Self Assessment returns on Christmas Day HMRC data shows that 3,275 people filed their self-assessment tax returns on Christmas Day. This marks a record, with the number of people submitting their tax figures on December 25 up 15% on the 2,828 returns recorded on the same date in 2021 and the 2,700 logged in 2020. The peak point came at lunchtime, […] By Lisa Brownlow, 5 January 2023
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UK digital income tax overhaul delayed for two more years The Treasury announced on Monday that compulsory use of HMRC’s Making Tax Digital (MTD) scheme for Income Tax Self-Assessment (ITSA) will be delayed by two years to April 2026. It had already been postponed from next year to April 2024 because the technology was not ready. “A phased approach to mandating MTD for Income Tax […] By Lisa Brownlow, 3 January 2023
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Tax as a share of the economy hits 33.5% Organisation for Economic Co-operation and Development (OECD) data shows that taxes as a share of the British economy rose by 1.4 percentage points to 33.5% in 2021. That was the biggest rise among G7 economies apart from Germany, with the increase also exceeding those seen in traditionally high tax countries Sweden, Finland and Denmark. Britain’s […] By Lisa Brownlow, 9 December 2022
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