UK Launches 9 Major Taxes in 10 Years

July 10, 2018 Taxation in UK

Taxes in the UKLONDON – Over the last decade, the UK has decreased its appeal as an investment destination by enacting a series of new taxes.

Earlier this week the UK accounting firm, UHY Hacker Young, issued a new statement which detailed the taxes enacted by the national government over the last 10 years.

Since the 2008 Global Financial Crisis, the government of the UK enacted 9 new taxes, consisting of the apprenticeship levy, the bank levy, the bank surcharge, diverted profits tax, bank payroll tax, enveloped dwellings tax, Swiss capital tax, and the tax on sugar-sweetened beverages.

Cumulatively, the new taxes raised an extra GBP 27.9 billion in tax revenues, over and above what the government already collected from previously enacted taxes.

Commenting on the new taxes, Darren Grimes, Partner at UHY Hacker Young, said that taxes are a clear violation of the stated goal of tax simplification, and they make an already complex system even more burdensome.

While Darren Grimes acknowledged that many new taxes appear to have “admirable ends” when announced, he also said that each new tax makes the UK a more difficult place in which to conduct business and a more difficult place to attract new foreign investment.