Super-rich call for tougher tax regime and fairer tax system A group of 102 global millionaires and billionaires have called on governments to hit them with heftier taxes to help cover the costs of the pandemic, arguing that the current tax system is rigged in their favour and needs to be rewritten to make taxation fairer. In an open letter, they say: “We know that […] By Lisa Brownlow, 16 February 2022
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Chancellor announces tech support for SMEs Chancellor Rishi Sunak has announced that small businesses will be given cut-price access to the latest technology, with firms able to get up to £5,000 off software under the Help to Grow: Digital scheme. Mr Sunak, who said SMEs are “the backbone of our economy, creating jobs and prosperity across the UK,” noted that in […] By Lisa Brownlow, 10 February 2022
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Inheritance Tax receipts soar to £4.6bn Inheritance tax receipts rose between April and December 2021 according to new data from HMRC. Some £4.6bn was paid to the Government over the period, up £600m on the same period a year earlier.   Daily Express By Lisa Brownlow, 9 February 2022
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Freelancers face higher tax rates for taking support grants The Sunday Telegraph highlights an accounts filing quirk which means freelancers who claimed support grants amid the pandemic have been dragged into paying the 40% higher-rate tax, saying they face paying twice as much tax as others who make the same amount of money as a result of settling their end of year accounts 30 […] By Lisa Brownlow, 8 February 2022
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Economists in National Insurance Tax increase warning Economists have voiced concern over plans to increase National Insurance in April, warning of the impact on households already being hit by soaring costs. Tom Clougherty from the Centre for Policy Studies told the Treasury Select Committee that it was “extremely perverse to raise taxes on ordinary earners in the middle of a cost of […] By Lisa Brownlow, 7 February 2022
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Think-tank calls for rebalanced tax system Centre-right think-tank Bright Blue has urged Chancellor Rishi Sunak to limit the impact of April’s £12bn increase in National Insurance contributions, calling for higher taxes on capital and inheritance. The report says the health and social care levy “cannot be abolished, but it can be made much fairer,” suggesting: “Any detrimental impact on workers and […] By Lisa Brownlow, 5 February 2022
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