Government needs to overhaul tax relief system, say MPs Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to a report by the Treasury committee. The report calls for a systematic review of over 1,000 tax reliefs, highlighting the lack of resources at HM Revenue and Customs to monitor […] By Yinka Brownlow, 26 July 2023
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HMRC allowed 11,000 Chinese firms to register at one flat The head of HM Revenue & Customs has admitted to the Commons Public Accounts Committee, that it allowed 11,000 Chinese firms to register for VAT at a single residential flat in Wales without checking who lived there. Jim Harra, permanent secretary at HMRC, revealed over 2,350 of the companies that were registered at the address […] By Lisa Brownlow, 27 April 2023
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Labour: No plans to increase CGT Shadow Chancellor Rachel Reeves says Labour has no plans to increase capital gains tax. Asked on BBC Radio 4’s Today programme if Labour would increase the rate, Ms Reeves said: “I don’t have any plans to increase capital gains tax.” She added: “There are people who have built up their own businesses who maybe at […] By Lisa Brownlow, 25 April 2023
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Closure of HMRC unit puts £5bn of taxpayers’ money at risk, warn MPs HMRC’s decision to shut down its Taxpayer Protection Taskforce, which targeted fraudulent and faulty COVID-19 support schemes claims, could lead to £5.1bn of taxpayers’ money being written off, a report by MPs claims. MPs on the parliamentary Public Accounts Committee (PAC) said while the Treasury and HMRC moved quickly to put the schemes providing “essential” […] By Lisa Brownlow, 15 March 2023
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Former Chancellors argue against corporation tax hike Three of his predecessors have warned Chancellor Jeremy Hunt that going ahead with a planned increase in corporation tax would be a mistake. Lord Hammond said he was “disappointed” with the upcoming increase from 19% to 25%, saying: “My view on corporation tax is always that it’s better to have lower than higher.” Meanwhile, Kwasi […] By Lisa Brownlow, 7 March 2023
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Higher taxes and regulations drive buy-to-let exodus The Bank of England’s Monetary Policy Report on Thursday said demand for rental properties has continued to outstrip supply as “the number of landlords choosing to exit the market increased”. Official data shows that rents across all private UK tenancies jumped by 4.2% year-on-year in December – the highest rate recorded since data set began […] By Lisa Brownlow, 14 February 2023
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