The average UK family will pay more than GBP 650 000 in taxes over its lifetime, with the amount ballooning to well over GBP 1 million for high earning families. According to the report published on January 30 by UK Taxpayers' Alliance, the members of an average UK family will pay more than GBP 656 000 in direct and indirect taxes over their lifetime, with over GBP 250 000 payments for income taxes, and an extra GBP 101 000 in Value Added Tax ... Read More

LONDON - Due to the present economic conditions and potential political ramifications, the UK’s 50 percent income tax rate will not be scrapped in the near future, and is likely to be maintained until at least 2015, unless evidence is found that it is causing harm to the economy. In a television interview with the BBC held on January 9th the Prime Minister of the UK David Cameron said that the country’s top marginal tax rate, which is currently set at 50 ... Read More

LONDON - London’s reputation as an international metropolitan center brought swarms of overseas investors to the city in 2011 in the search for real estate, but the use of overseas companies has allowed the buyers to skip out on nearly GBP 750 in taxes for the purchase. In 2011 foreign residents purchased GBP 4.3 billion worth of real estate in the city of London, and the current tax rules in the UK meant that the properties were levied at a reduced tax ... Read More

LONDON - The UK’s new Draft Finance Bill has been released, outlining a wealth of proposed tax changes, including new controlled foreign company rules, lowered tax rates, and measures to stop the occurrence tax evasion. On December 6th the Exchequer Secretary of the UK David Gauke released the government’s Draft Finance Bill 2012, setting out a number of changes to the tax system, including lowering the corporate income tax rate to 24 percent by 2013, reducing the rate of the national inheritance ... Read More

LONDON - The UK Chancellor of the Exchequer George Osborne outlined upcoming tax changes in the UK during the annual Autumn Statement. On November 29th the UK Chancellor of the Exchequer George Osborne delivered the annual Autumn Statement, in which he outlined the government’s upcoming intentions regarding the economy and fiscal policy. Under plans for boosting the nation’s economic expansion, the government of the UK announced a number of tax changes which are aimed at aiding small and medium sized enterprises in ... Read More