Category Taxation in UK

Inheritance Tax Up By GBP 1 Billion

November 24, 2017 Taxation in UK

Inheritance taxLONDON – More people dying and expensive houses mean that the UK government will enjoy an extra GBP 1 billion windfall.

New information released by the UK Office for Budget Responsibility shows that UK taxpayers will soon hand over nearly GBP 1 billion more in inheritance taxes than previously forecast.

In March this year, the government’s own projections showed that between 2016 and 2022 approximately GBP 32.4 billion will be collected from inheritance taxes.

However, this forecast has already been reviewed upward by approximately GBP 900 million over that timeframe.

The increase in the expected collection has been attributed to a higher than forecast mortality rate, and increase in the value of the houses and assets that fall under the scope of the tax, and an improved rate of enforc...

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Digital Identity Coming for Scottish Taxpayers

November 16, 2017 Taxation in UK

digital identityEDINBURGH – Paying taxes in Scotland is set to become easier under the government’s project to emulate Estonia’s digital identity system.

The government of Scotland is currently researching the feasibility of implementing a digital-identity system for its taxpayers, similar to the system already in place in Estonia.

Estonia currently stores all information regarding a taxpayer digitally, with “pockets” of information being stored and encrypted in a blockchain format.

The various pieces of information can only be accessed by delegated individuals from departments or authorities related to that information.

The information in its entirety can only be viewed by the person in question, or their legal representative.

By leveraging this information collection system, the tax authorities in...

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UK Pubs Need a Break From Tax Hikes

November 13, 2017 Taxation in UK

pubLONDON – The great British pub may be dying, and it needs tax relief in order to survive.

Last week a group of 50 Ministers of Parliament of the UK sent a joint letter to the Chancellor of the Exchequer, Philip Hammond, calling for a freeze to beer duties and the implementation of a new business relief package for pubs.

It has been suggested by experts that pubs in the UK are some of the last public meeting spaces in the country, and are integral to life in the UK.

It is currently estimated that pubs in the UK are closing down at a rate of as much as 21 per week.

The letter called for the government to ensure that in the upcoming Autumn Budget there is freeze to the rate of beer duty.

Further, the letter calls for the current pub-specific tax relief package to be raised from GBP 1 000 to ...

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HMRC Chasing Down Big Tax Cheats

October 26, 2017 Taxation in UK

Tax on big businessLONDON – The HMRC may be upping their game when it comes to chasing down big businesses who stash their profits overseas.

New data obtained by the UK law firm Pinsent Masons has shown the extent of tax avoidance in the country.

The new information has suggested that over the course of the year to March 2017, large businesses in the UK avoided as much as GBP 5.8 billion by transferring profits to low tax jurisdictions.

The amount avoided is rising, having grown by GBP 2 billion compared to the level seen 12 months ago.

The amount of tax avoided is likely to be even higher, as the amount quoted is only for the 2 000 largest businesses in the country.

The experts at Pinsent Mason suggested that the increase could be caused by increased aggressiveness by the tax authorities or concentrated s...

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UK Must Drop Whisky Tax

October 13, 2017 Taxation in UK

Tax on whiskyLONDON – Taxes of spirits need to be dropped, as they are leading to a loss of tax revenues and sales.

The Scotch Whisky Association is calling on the government of the UK to drop the rate of duties applied to the sale of whisky.

The Association is claiming that the recent increase in the rate of the duty has resulted in a decrease in the number of bottles being sold, and, subsequently, a drop in the tax revenues gathered by the government.

Over the first six months of 2017, approximately 36.7 million bottles were sold in the UK, however, over the same period in 2016 a total of 37.7 million were sold.

The result of the decreased sales outweighed the relative increase in tax collected per bottle, with overall revenues from the sale of spirits between April and June this year dropping by ...

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