Rachel Reeves is facing growing pressure to address a tax loophole that benefits foreign online retailers such as Shein and Temu. High street retailers are urging the Government to remove the current rule that allows parcels valued at up to £135 to enter the UK without being subject to tax. Industry representatives argue that this creates an uneven playing...
More than 1.9 million taxpayers are expected to lose part or all of their tax-free Personal Allowance this year as a result of frozen tax thresholds. Approximately 1.18 million individuals will lose their full £12,570 allowance during the 2025/26 tax year, compared with 1.09 million in 2024/25. Under current tax rules, individuals earning above £100,000 gradually lose...
Public support for the windfall tax remains strong in Scotland, according to a poll conducted by Survation. The survey found that 41% of respondents support the windfall tax, while only 19% oppose it. The results show support across several political groups, including voters of the Scottish National Party and the Liberal Democrats. Windfall taxes are typically introduced to capture unexpected profits...
The UK’s overall tax burden is projected to rise significantly over the coming years, with forecasts suggesting it could reach around £1.4 trillion annually by the 2030/31 tax year. This would represent approximately 38.5% of the country’s GDP, marking one of the highest levels of taxation in modern UK history. One of the key drivers...
Eligible couples may be able to increase their tax-free Personal Allowance to £13,830 by claiming Marriage Allowance and backdating their application. Claims can be backdated for up to four years, potentially resulting in a tax rebate of up to £1,260. To qualify, one partner must earn below £12,570, while the other must be a basic...
Changes to inheritance tax relief announced in the October 2024 Budget are causing concern among farming groups. From April, agricultural property relief and business property relief will be capped at £1m per estate, with assets above that level subject to a 20% effective IHT rate. Although the Government has since increased the combined relief threshold...
A record 66,587 buy-to-let companies were formed in 2025 — an 8% rise on the previous year and the highest figure in a decade. In total, there are now 443,272 active buy-to-let companies, five times more than in 2016. The shift reflects frozen income tax thresholds and higher mortgage rates, which have reduced profitability for...
Campaigners have raised concerns that the windfall tax on North Sea oil and gas producers has reduced the UK’s competitiveness. Industry leaders and union representatives have urged the Government to accelerate plans for a revised tax regime, currently scheduled for 2030. In a letter coordinated by Aberdeen & Grampian Chamber of Commerce, signatories called for...
Almost 37,000 first-time buyers paid stamp duty in 2024/25 despite claiming first-time buyer relief, according to HMRC data. In total, 36,999 transactions that qualified for relief still resulted in a tax charge — roughly one in four cases. The average stamp duty bill was £4,073. Nearly 25,000 buyers paid £2,000 or more, over 13,500 paid...
The Government’s proposed visitor levy could add more than £100 to the cost of UK holidays, prompting criticism from business leaders and politicians. Opponents argue the levy would increase costs for families and potentially discourage tourism. Hospitality firms have expressed concern about the impact on competitiveness and consumer demand. The proposal forms part of wider...
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Copyright by CareAccountancy. All rights reserved.
