Philip Hammond’s virtue signalling on low pay is hypocritical June 7, 2019 Philip Hammond may soon be out of a job. In fact, I would be very surprised if he remains chancellor of the Exchequer for more than a day or two after our new Prime Minister is chosen. Hammond is fond of reminding his critics that his demise has been predicted before. Yet while the Tory [...]
DEBATE: Should there be a cap on inheritance tax breaks available to wealthy families? June 3, 2019 Should there be a cap on inheritance tax breaks available to wealthy families? Robert Palmer, executive director of Tax Justice UK, says YES. Inheritance tax is one of the most disliked taxes in the UK, in part because the super-rich can largely avoid paying it. This is deeply unfair. At Tax Justice UK, we’ve just published [...]
HMRC increasingly targeting individual executives in tax crackdown June 3, 2019 HM Revenue and Customs (HMRC) is increasingly targeting C-suite executives personally as it looks to hold businesses to account. The number of chief financial officers and other senior finance directors fined has increased 22 per cent in the year to 31 March to hit 152. In 2017-18 HMRC levied 125 fines against individuals while in 2012-13 – [...]
Business groups should be happy with Javid’s infrastructure plan June 3, 2019 This newspaper applauded the Tory leadership contest's emerging battle of ideas last week, a trend that happily continued over the weekend with candidates launching a range of new policy proposals. Former City banker Sajid Javid grabbed headlines by revealing that he could scrap the top rate of income tax, and this morning bulks up his [...]
Mountain Warehouse eyes store expansion as profits jump May 31, 2019 Outdoor clothing group Mountain Warehouse is eyeing an expansion on the high street this year after reporting today a double-digit rise in annual pre-tax profits and sales. The retailer, which currently runs 350 stores and employs 3,500 staff, is planning to open a further 50 stores this year, including roughly 20 in the UK, following [...]
It may not be Hammond’s cup of tea, but we deserve some tax-cutting champions May 31, 2019 I for one am thrilled to see politicians not just talking about tax cuts, but competing for the best policy to reduce a tax burden that is at a near 50-year high. Sure, it took a leadership contest to get them properly talking about it, but from the home secretary’s endorsement of the Adam Smith [...]
Tory leadership contest can spark a much-needed debate on the future of tax May 31, 2019 Should the Conservatives slash taxes? Social media star Liz Truss certainly thinks so, arguing yesterday that "taxes hold back growth, and by cutting rates in a targeted way we can turbocharge economic growth and boost wages so the overall tax burden falls." Her leadership rival Dominic Raab has also made headlines this week by pledging [...]
Notifications to EU Commission about unlawful tax breaks rocket in state aid crackdown May 30, 2019 The number of notifications to the EU Commission about potentially unlawful tax breaks has rocketed as countries take a tougher stance on state aid. In the last five years the Commission was notified about 385 potentially unlawful tax breaks, compared to just 80 between 2007 and 2013. Over the 12 months to 31 March the [...]
Keep your wits about you, it’s not easy to navigate this tyrannical political jungle May 30, 2019 Any country that forced its citizens to spend over 40 per cent of their time working for those in power would be roundly condemned as a slave state and the most appalling tyranny. Yet this is the effective reality in Britain. Just over two fifths – 40.94 per cent – of everything the nation earns is [...]
Supreme Court gives government body chance to appeal cash machine ruling May 29, 2019 The Supreme Court has given the government the right to appeal a £300m court dispute over business rate bills for cash machines outside shops. Late last year the Court of Appeal decided in favour of supermarket giants such as Sainsbury’s and Tesco, overturning a decision that meant retailers were liable to pay business rates on their cash [...]