Tag #Uk Tax

Showing 1 to 12 of 14 results

theguardian.com
🌐 85% Global Worthiness
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Resolution Foundation Urges UK Chancellor to Reshape Tax System

The Resolution Foundation, a think tank with ties to Labour, proposed a £30bn tax reform plan for the UK's autumn budget, including a 2p reduction in employee national insurance offset by an income tax increase, to raise £6bn annually while protecting workers' pay.

Progress

40% Bias Score

Reduced Inequality
news.sky.com
🌐 85% Global Worthiness
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UK Loan Charge Scandal: Accountants' Role Under Scrutiny After 10 Suicides

The UK loan charge scandal involves thousands of individuals facing crippling tax bills after following the advice of accountants who placed them into tax avoidance schemes, resulting in at least 10 suicides and calls for a broader investigation.

Progress

56% Bias Score

Reduced Inequality
theguardian.com
🌐 85% Global Worthiness
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Reform UK's "Britannia Card": Tax Breaks for the Wealthy, Bonus for the Poor

Reform UK proposes a "Britannia Card", a £250,000 payment for a 10-year tax exemption on overseas income and inheritance tax for wealthy foreigners and British expats, with funds redistributed to the lowest-paid 10% of UK workers.

Progress

48% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 85% Global Worthiness
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UK Tax Freeze to Add One Million Higher-Rate Taxpayers by 2028

The UK government's continued freeze on income tax thresholds will increase the number of higher-rate taxpayers to nine million by 2028, generating over £38 billion annually, driven by inflation and impacting middle-class earners while addressing budget shortfalls and rising defense spending.

Progress

56% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 75% Global Worthiness
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HMRC Raises Side Hustle Tax Reporting Threshold to £3,000

The UK's tax authority, HMRC, is raising the reporting threshold for trading income from £1,000 to £3,000 by 2029, impacting up to 300,000 people who will no longer need to file self-assessment tax returns for side hustles; approximately one-third of this group will not owe any tax.

Progress

40% Bias Score

Reduced Inequality
bbc.com
🌐 75% Global Worthiness
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Millions Face £100 Tax Fine for Missed Deadline

Millions of UK taxpayers risk a £100 fine for missing the midnight self-assessment deadline; new rules share online sales data with HMRC for tax assessment.

Progress

40% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 85% Global Worthiness
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UK's 60% Income Tax Trap: A Systemic Economic Issue

The UK's income tax system contains a 60% marginal tax rate triggered by the removal of personal allowances between £100,000 and £125,140, affecting 1.48 million people and hindering economic growth.

Progress

56% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 85% Global Worthiness
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HMRC Unable to Determine Tax Contributions of UK Billionaires

The UK's Public Accounts Committee (PAC) criticized HMRC for failing to determine the tax contributions of billionaires, despite the availability of public data, urging a plan to close the tax gap and improve public spending.

Progress

48% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 85% Global Worthiness
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Frozen Tax Thresholds and Rising Pensions Create Tax Trap for Hundreds of Thousands of Pensioners

HMRC issued 1.32 million simple assessments to pensioners in 2023/24, a 74% rise from the previous year, due to frozen income tax thresholds and rising state pensions under the triple lock, leading to unexpected tax bills for many.

Progress

60% Bias Score

Reduced Inequality
dailymail.co.uk
🌐 85% Global Worthiness
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UK Higher-Rate Taxpayers Surge Amidst Wage Growth and Threshold Freeze

The number of UK higher-rate taxpayers jumped 15.3% (680,000) to 5.1 million in 2022-2023 due to wage growth and frozen tax thresholds; additional-rate taxpayers rose 9.5% to 600,000, while basic-rate taxpayers increased by 2.9% (790,000).

Progress

44% Bias Score

Reduced Inequality
theguardian.com
🌐 75% Global Worthiness
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Over 1 Million Miss UK Tax Deadline, Facing £100 Penalties

More than 1.1 million UK taxpayers missed the January 31st deadline to file their self-assessment tax returns, facing penalties starting at £100; HMRC estimates a potential £110 million in penalties.

Progress

40% Bias Score

Reduced Inequality
bbc.com
🌐 85% Global Worthiness
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UK Amends Non-Dom Tax Plan Amid Millionaire Exodus

Chancellor Rachel Reeves announced amendments to the UK government's plan to abolish non-dom status, increasing the generosity of the Temporary Repatriation Facility to help non-doms repatriate funds to the UK at a reduced tax rate; this follows concerns about wealthy individuals leaving the UK and ...

Progress

52% Bias Score

Reduced Inequality

Showing 1 to 12 of 14 results