Even Labour supporters think IHT is unfair A new study by Oxford University professor Ben Ansell has revealed the constituency most opposed to inheritance tax is the Labour-held west London seat of Hayes and Harlington. The findings showed “a striking distaste for taxation on inheritance” across the political spectrum. Less than a third of Labour supporters think IHT is fair, falling to […] By Lisa Brownlow, 9 February 2023
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Record number of taxpayers file Self Assessment returns on Christmas Day HMRC data shows that 3,275 people filed their self-assessment tax returns on Christmas Day. This marks a record, with the number of people submitting their tax figures on December 25 up 15% on the 2,828 returns recorded on the same date in 2021 and the 2,700 logged in 2020. The peak point came at lunchtime, […] By Lisa Brownlow, 5 January 2023
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UK digital income tax overhaul delayed for two more years The Treasury announced on Monday that compulsory use of HMRC’s Making Tax Digital (MTD) scheme for Income Tax Self-Assessment (ITSA) will be delayed by two years to April 2026. It had already been postponed from next year to April 2024 because the technology was not ready. “A phased approach to mandating MTD for Income Tax […] By Lisa Brownlow, 3 January 2023
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Tax as a share of the economy hits 33.5% Organisation for Economic Co-operation and Development (OECD) data shows that taxes as a share of the British economy rose by 1.4 percentage points to 33.5% in 2021. That was the biggest rise among G7 economies apart from Germany, with the increase also exceeding those seen in traditionally high tax countries Sweden, Finland and Denmark. Britain’s […] By Lisa Brownlow, 9 December 2022
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Tax Rate of 93% effecting some UK workers Those earning more than £125,000 and still paying off their student loan face an effective top tax rate of more than 90%, according to analysis from investment firm AJ Bell. While the top rate of tax is technically 45%, some people are seeing marginal rates of 60%, with this rising to as high as 93% […] By Lisa Brownlow, 6 December 2022
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Chancellor reveals £25bn in tax increases Jeremy Hunt has set out plans for almost £25bn in tax increases and more than £30bn in spending cuts as he looks to balance the nation’s books. The Chancellor announced that the threshold at which the 45p top rate of income tax is paid will be reduced from £150,000 to £125,140. This will see 232,000 […] By Lisa Brownlow, 23 November 2022
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