OECD wants key part of global tax deal signed off by mid-2023 The Organisation for Economic Cooperation and Development said on Monday that its plans for a global tax deal are on course to come into effect in 2024. The group want the first pillar of the deal to be signed-off mid-2023. This will reallocate 25% of profits from the world’s largest multinationals for taxation in the […] By Lisa Brownlow, 18 July 2022
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HMRC victory in Alan Parry tax case raises uncertainty for freelance workers Contracts between freelance workers and their employers will come under renewed scrutiny by HM Revenue & Customs after Sky Sports commentator Alan Parry lost an appeal against a £356,000 tax bill. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an […] By Lisa Brownlow, 15 July 2022
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Rising rates make Inheritance Tax instalment system unaffordable The Telegraph details how rising interest rates have made paying inheritance tax in instalments much more expensive. Families are allowed to settle IHT bills in ten instalments with interest in order to avoid selling properties to meet HMRC’s rule of settling the 40% duty within six months of death. Bills were split into 10 payments […] By Lisa Brownlow, 13 July 2022
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Extra 1.2m pensioners forced to pay tax since the last election Official figures suggest that more than 400,000 pensioners will be forced into paying income tax this year due to a freeze on thresholds. Analysis from consultancy LCP reveals that an extra 1.2m over-65s have been dragged above the personal tax-free allowance since the last general election. Data shows that more than 7.7m now pay tax […] By Lisa Brownlow, 11 July 2022
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2m more people face higher tax rates since 2019 HMRC figures show that nearly 2m people have been dragged into the higher and additional rates of tax over the past three years. It is forecast that 6.1m people will be paying income tax at 40% or 45% in 2022/23. There are a projected 5.5m higher rate income taxpayers in 2022/23 – a 43.9% increase […] By Lisa Brownlow, 6 July 2022
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Chancellor rebuffs demands for cut to corporation tax A scheduled rise in Corporation Tax in the autumn Budget will go ahead, the Chancellor has said, resisting a call from Tory backbenchers and reportedly Boris Johnson too for the increase to be scrapped. The levy is set to rise from 19% to 25% next year. But Rishi Sunak is looking to use some of […] By Lisa Brownlow, 5 July 2022
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