A calculator built to help people understand how new proposed tax reforms will affect them has been published. Policy and Resources (P&R) said a 3% goods and services tax (GST), the re-introduction of vehicle taxes and lower income tax bands were among the reforms it wanted to make to the tax system to fill an
As hard-working families seek ways to shelter their assets from the creeping inheritance tax (IHT) net, one tactic used by the wealthy is on the rise. High earners who’ve already used up their maximum tax-free allowances for pensions and Isas are showing a renewed interest in offshore bonds, thanks to plans announced in Rachel Reeves’s
The veil of secrecy that surrounds the royal finances was nudged aside a little on Thursday to allow the release of a new piece of information. We learned for the first time how much the king’s annual tax bill comes to. This was not a full tax return. It was a two-sentence declaration, stating his
Stay on top of the latest political news with our View from Westminster newsletter Get the latest political headlines with our free email Get the latest political headlines with our free email Donald Trump has threatened the UK with a 100 per cent import tariff, citing Britain’s digital services tax on American social media firms.
HMRC pocketed over £23bn in income tax last month alone, up 10% compared to last year and 53% more than five years ago. Frozen tax thresholds since 2021 have helped drive the increase, with more people pushed into a higher tax band as wages rose. With the freeze not due to end until 2031, it’s
King Charles has become Britain’s first monarch in modern times to reveal how much tax he pays on his private income: £24.6m over the last two years. It’s a move celebrated by some as heralding an era of greater transparency from the monarchy. But just how open has it been? Why has the king published
Pensioners will pay tax on cash interest held in investment accounts despite an exemption from Rachel Reeves’s “punishing” Isa raid. Starting next April, savers will pay a 22pc tax charge on the interest earned on cash held in stocks and shares Isas, the Treasury announced on Tuesday. The rules are being introduced to police the
But other economists have expressed scepticism about the claims, pointing to HMRC modelling which shows raising capital gains would lead to a big drop in revenues as many owners would choose to hold on to their assets rather than sell. Estimates produced by the taxman show that increasing the top level of capital gains by
But other economists have expressed scepticism about the claims, pointing to HMRC modelling which shows raising capital gains would lead to a big drop in revenues as many owners would choose to hold on to their assets rather than sell. Estimates produced by the taxman show that increasing the top level of capital gains by
Pensioners will pay tax on cash interest held in investment accounts despite an exemption from Rachel Reeves’s “punishing” Isa raid. Starting next April, savers will pay a 22pc tax charge on the interest earned on cash held in stocks and shares Isas, the Treasury announced on Tuesday. The rules are being introduced to police the