Inheritance Tax paid by families more than doubles in a decade Inheritance tax paid by families has more than doubled in a decade, prompting renewed calls to reform the levy. Total receipts from IHT have increased from £2.7bn in 2010 to £5.4bn, according to Treasury documents. The allowance has been frozen at £325,000 since 2009 despite rising inflation and a surge in house prices. And the […] By Lisa Brownlow, 10 June 2022
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Rishi Sunak announces windfall tax to help fund support measures The Chancellor last week announced a £15bn package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. […] By Lisa Brownlow, 8 June 2022
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Patriotic Millionaires take tax demands to Davos The wealthy protest group called the Patriotic Millionaires have flown to Davos to call on world leaders attending the World Economic Forum gathering to introduce fresh taxes on the rich in order to tackle the “cost of living scandal playing out in multiple nations around the world”. Phil White, a former business consultant and member […] By Lisa Brownlow, 25 May 2022
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One in five pulled into higher tax bands Analysis of official figures by pensions consultancy Lane Clark & Peacock (LCP) shows that one in five workers will be paying higher or top-rate tax by the next general election. A combination of fast-growing wages and a freeze in the point at which workers start paying higher levels of tax will see around 2.5m taxpayers […] By Lisa Brownlow, 18 May 2022
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Taxpayers left waiting 10 months amid HMRC delays Severe delays at HMRC have left workers waiting for months for tax rebates that are normally completed within weeks. Despite taxpayers facing £100 fines and being charged interest for settling their own bills late, the tax authority offers no compensation as standard when it is responsible for delays. The Sunday Times By Lisa Brownlow, 11 May 2022
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Labour demands HMRC probe into ministers’ taxes Labour has called on HMRC to look into whether any government minister with responsibility for tax policy has ever benefitted from undeclared tax arrangements as a result. This comes following headlines over the non-dom tax status enjoyed by Chancellor Rishi Sunak’s wife Akshata Murty, as well as questions over Health Secretary Sajid Javid’s use of […] By Lisa Brownlow, 10 May 2022
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