Inheritance tax take soars The tax take from inheritance has increased by nearly 10% year-on-year, new figures revealed on Thursday show, spurring renewed calls for thresholds to be unfrozen. The Treasury received a £1.1bn boost in the last two months, fuelled by soaring house prices. The average IHT bill on a liable estate will hit £266,000 this tax year, […] By Lisa Brownlow, 29 June 2022
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Small firms struggling to keep their heads above water Research by Bibby Financial Services has found just under two in five SMEs were “just about breaking even” with the economic environment causing “friction and fragility” for business owners. In a poll of 500 companies, respondents said the war in Ukraine and supply chain problems were key concerns. More than a quarter highlighted cashflow as […] By Lisa Brownlow, 28 June 2022
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HMRC tax probes pull in £30bn The revenue HMRC generated from tax investigations and other compliance activity hit £30.8bn in 2021, up from £28bn in 2020, analysis by law firm Pinsent Masons shows. HMRC had to suspend some tax investigations during the coronavirus crisis as it took on administration of the furlough scheme but with the wage support initiative ending, HMRC […] By Lisa Brownlow, 22 June 2022
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Soaring prices add £23.5m a day to tax take The Treasury is pulling in an extra £23.5m a day because of soaring prices, with analysis by the Liberal Democrats showing that the Treasury is receiving £422m every day from VAT and £23.5m of this comes as a result of higher prices. The Office for Budget Responsibility forecasts it will bring in an extra £8.6bn […] By Lisa Brownlow, 21 June 2022
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Tax Freedom Day the latest since the early-1960s The Adam Smith Institute (ASI) has revealed that 8th June is “tax freedom day”, when the average earner has worked enough to pay off their annual tax bill. UK taxpayers will work an average of 159 working days this year just to pay their tax and spend a higher proportion of their incomes on taxes […] By Lisa Brownlow, 17 June 2022
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Wealthiest Americans pay 3.4% of income in taxes Between 2014 and 2018, the 25 wealthiest Americans collectively earned $401bn, but paid just $13.6bn – about 3.4% of that – in taxes, according to an investigation by ProPublica, which has been exploring the tax records of the top 0.001% wealthiest US citizens. The report shows that the wealthy benefit from lower tax rates on […] By Lisa Brownlow, 16 June 2022
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