Tax campaigners call for “pandemic profit levy”

Tax Justice UK has issued a fresh call for a windfall tax on companies that profited from the pandemic, or from economic changes accelerated by COVID-19. A report from the campaign group shows six firms raised their profits by a total of £16bn over the last financial year. Robert Palmer, executive director of Tax Justice UK, said a windfall tax on “excess profits” would be a fairer way to refill state coffers than increasing National Insurance. The report also calls for an increase in the main rate of corporation tax to 25%, and an equalising of capital gains and income taxes.

The Guardian

Related Post

Government will have to raise taxes to meet its fiscal targets The National Institute of Economic and Social Research (NIESR) has warned that the next government will have no spending room for tax giveaways and will have to find ways of generating revenues amid “sluggish” growth. It said that ministers will have to implement tax rises and delay net zero investment unless the government is willing […] By Lisa Brownlow, 16 May 2024
Read Now
IR35 rules fuel crisis in self-employment It has been suggested that HMRC’s battles with BBC stars over the controversial IR35 rules have contributed to a crisis in self-employment. A survey by the Association of Independent Professionals and the Self-Employed (IPSE) found that one in ten highly skilled freelancers is currently out of work due to the IR35 reforms. More than half […] By yinka developer, 10 April 2024
Read Now
Income tax hits £264bn under the Tories Analysis of HMRC data shows that income tax revenues have increased by more than 70% under successive Conservative administrations, hitting £264bn. Then-Chancellor Rishi Sunak froze a number of tax bands in 2021 and since the policy was enacted, income tax receipts have jumped by £49bn. Since 2010, when the Tories took power via a coalition […] By Lisa Brownlow, 10 January 2024
Read Now
↑