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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Tax Rate of 93% effecting some UK workers Those earning more than £125,000 and still paying off their student loan face an effective top tax rate of more than 90%, according to analysis from investment firm AJ Bell. While the top rate of tax is technically 45%, some people are seeing marginal rates of 60%, with this rising to as high as 93% […] By Lisa Brownlow, 6 December 2022
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Chancellor reveals £25bn in tax increases Jeremy Hunt has set out plans for almost £25bn in tax increases and more than £30bn in spending cuts as he looks to balance the nation’s books. The Chancellor announced that the threshold at which the 45p top rate of income tax is paid will be reduced from £150,000 to £125,140. This will see 232,000 […] By Lisa Brownlow, 23 November 2022
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Hunt: Everyone will have to pay more tax Chancellor Jeremy Hunt says everyone will have to pay more tax under plans set to be announced in this week’s Autumn Statement. He told the BBC’s Sunday with Laura Kuenssberg he has “been explicit that taxes are going to go up,” adding: “We have a plan to see us through choppy waters… we will make […] By Lisa Brownlow, 17 November 2022
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Inheritance Tax threshold freeze to drag more into paying death tax The Chancellor is poised to freeze the threshold above which people must pay inheritance tax for another two years. Jeremy Hunt and Rishi Sunak are understood to have agreed to the move which will mean the £325,000 threshold will remain in place until April 2028. Wealth manager Quilter estimates the extended freeze could bring in […] By Lisa Brownlow, 11 November 2022
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Rishi Sunak mulls return of 50p tax rate for top earners The Prime Minister is considering breaking a Tory party manifesto pledge by raising the top rate of income tax from 45p to 50p. An alternative Rishi Sunak is reportedly considering is to lower the £150,000 annual income threshold at which it kicks in. The Treasury is also looking at increasing the National Insurance rate paid […] By Lisa Brownlow, 9 November 2022
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