Prime Minister David Cameron made comments in a radio interview on Friday indicating that he has no inclination to support scrapping the 50 percent income tax bracket, as has been called for by some business leaders and others who say that cutting taxes on the wealthiest Britons will stimulate economic growth. The remarks came after [...]
The government will close a loophole in rules on the value added tax, ending the exemption from the VAT for items imported from offshore locations that are valued at less than £15. The decision from Chancellor George Osborne will mean that items like DVDs and CDs imported from locations such as the Channel Islands will [...]
HM Revenue & Customs (HMRC) has yet another group of UK citizens who might owe taxes in its sights, in a continuing effort to increase tax revenues in the UK. This time, HRMC is pursuing wealthy tax evaders who own property overseas, with those who are worth between £2.5 million and £20 million are being [...]
HM Revenue and Customs has warned taxpayers who plan to file their self-assessment forms on paper rather than online that they will be assessed a £100 fine if they do not file before the end of October. Not only will paper filers be assessed the fine if they miss the October deadline, they will be [...]
More details have been released about an agreement between the UK and Switzerland that will allow HM Revenue and Customs (HMRC) to collect taxes on money UK citizens have in secret Swiss bank accounts. The deal, which goes into effect in 2013 and provides for the banks to transfer money for the tax payments directly [...]
HM Revenue & Customs (HMRC) is again planning to target tax evaders who have failed to report income from such activities as coaching, teaching music and tutoring students in academic subjects. HMRC said it will not stop going after rich tax evaders as it announce last weekend that it will deploy a team of “affluence [...]
The Institute for Fiscal Studies (IFS) has released a report calling the tax system in the UK “inefficient” and “frequently unfair”. The report, led by Nobel-winning economist Sir James Mirrlees, blamed the current tax system’s inefficiencies for a host of problems, including unemployment, low savings rates and troubles in the housing markets, and suggested a [...]
A group of 20 economists have signed a letter calling for the UK’s 50 percent income tax rate on top earners to be scrapped because it is, they say, damaging the nation’s economy. The letter claims that the rate, which is charged to those who earn over £150,000 per year, punishes entrepreneurship, and the signatories [...]
An agreement between the UK and Switzerland that will see money in secret Swiss bank accounts taxed for the first time, with the identities of the account holders being revealed, has been announced. Under the deal, the Swiss will tax the accounts of UK taxpayers at a rate of between 19 percent and 34 percent [...]
Chancellor George Osborne has said he is in favor of eliminating Britain’s top tax rate, at 50 percent, because it does not make much money for Treasury, and because it tends to send top businessmen and entrepreneurs out of Britain to avoid paying high taxes rather than their staying to create more jobs in the [...]
