Public sector borrowing falls as income tax receipts hit highest level since records began in 1997 July 21, 2015 The Office for National Statistics (ONS) said income tax receipts rose by 2.5 per cent in June to £11.5bn, the highest level since records began in 1997. Read more: July Budget 2015 at a glance At the same time, corporation tax receipts jumped 13.9 per cent to £1.7bn, also the highest amount on record. The figures, [...]
The government’s welfare proposals including tax credit cuts and benefit caps is necessary, but more must be done July 20, 2015 The chancellor has spoken about what successive governments have known but not properly tackled: the level of welfare spending is not sustainable. Britain is responsible for seven per cent of the world’s welfare spending, despite generating only four per cent of the world’s income and being home to just one per cent of the world’s [...]
Why a sugar tax is not the solution to the UK’s obesity epidemic July 13, 2015 Doctors in Britain calling for a tax on sugar-sweetened drinks in order to combat obesity have come up against opposition who say the tax would be both regressive and ineffective. Under recommendations by the British Medical Association (BMA), a tax of 20 per cent would be applied to sugary drinks to dissuade consumers and push [...]
Institute of Fiscal Studies: “This was not the Budget of a tax reforming chancellor” July 9, 2015 Welfare cuts stole the limelight in the July Budget, but tax changes were more numerous and bigger, said Paul Johnson, director of the Institute for Fiscal Studies. While there were £14bn of tax increases in the budget, against £8bn of tax cuts, “it is rather hard to pin down a coherent narrative around the changes,” [...]
July Budget 2015: George Osborne pledges lowest corporation tax in G20 but new bank tax hits UK small lenders July 8, 2015 Chancellor pledges lowest corporation tax in the G20 – but casts punitive net over the UK’s small lenders Chancellor George Osborne ushered in a new tax regime for British banks yesterday, dialling down the controversial bank levy while introducing a new corporation tax surcharge for the entire lending industry. In a summer Budget that the [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]
July Budget 2015: Buy-to-let tax relief cut hits housebuilders as Foxtons, Barratt, Crest Nicholson and Berkeley Group share prices slide July 8, 2015 Shares in housebuilders and estate agents slid yesterday as the chancellor announced plans to curb the booming buy-to-let sector by cutting tax relief. While homeowners had mortgage interest relief withdrawn 15 years ago, buy-to-let landlords have continued to reap the benefits, with the wealthiest able to reclaim 45p of every £1 they pay in [...]
July Budget 2015: George Osborne cuts benefits and the family tax credit July 8, 2015 Chancellor of the exchequer George Osborne announced major cuts to welfare spending yesterday, using the summer Budget to set out how he planned to save the Treasury a further £12bn in the next three years. The chancellor said that his Budget was designed to take Britain "from a low wage, high tax, high welfare [...]
July Budget 2015: Shares dive for green energy firms as Osborne scraps tax exemption July 8, 2015 In today's Budget, chancellor George Osborne announced that the government is scrapping a green tax exemption enjoyed by renewable energy companies since 2001. Read more: George Osborne cuts corporation tax and bank levy as he tells firms "Britain is open for business" Currently, tax is not paid on renewable electricity supplied to businesses under renewable [...]
July Budget 2015: Inheritance tax threshold to rise to exclude £1m homes July 8, 2015 The chancellor has increased the inheritance tax threshold, allowing £1m homes to be passed down to children after death to be free of tax. As part of today's July Budget, George Osborne announced that, from 2017, there will be a new £175,000 allowance on homes left to children or grandchildren. The new allowance is in addition [...]