Sunak’s stealth tax raid sees burden on British households soar by 40pc
1 year, 4 months ago

Sunak’s stealth tax raid sees burden on British households soar by 40pc

The Telegraph  

Rishi Sunak’s stealth tax raid has seen payments to the Exchequer surge by 40pc since the pandemic, Organisation for Economic Cooperation and Development analysis shows. Payments of taxes on earnings and wealth – such as income tax and capital gains tax – were up by 39.2pc in the first quarter of this year compared with the final months of 2019, the OECD found. The tax burden on households has shot up more quickly in the UK than in other big rich economies, analysts said, despite all facing similar blows from Covid-19. British households paid £84bn in income and wealth taxes to the Exchequer in the first quarter of 2023 compared with £60.6bn in the final three months of 2019, according to the group’s seasonally adjusted data.

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History of this topic

How Britain became addicted to spending
2 months ago

How Britain became addicted to spending

The Telegraph  

Following the Government’s frequent warnings about the dire state of public finances, as well as the “worst economic inheritance since the Second World War”, households are fully primed for a series of tax raids in next week’s Budget. However, despite the Chancellor’s drastic need for cash, what might surprise voters is that tax revenues flowing into the Treasury are already …

Reeves tax raid risks £84bn black hole in public finances, say Truss-backed economists
2 months ago

Reeves tax raid risks £84bn black hole in public finances, say Truss-backed economists

The Telegraph  

Rachel Reeves has been warned that an aggressive Budget tax raid risks opening up a £84bn “black hole” in the public finances by crippling economic growth. Analysis by the Growth Commission, an economic advisory group set up by Liz Truss, the former prime minister, suggests mooted tax rises in their most extreme form could knock 8.8pc off GDP growth per …

Businesses, motorists and pension savers brace for Budget bombshell amid fears Rachel Reeves is plotting biggest EVER tax-raising package
2 months ago

Businesses, motorists and pension savers brace for Budget bombshell amid fears Rachel Reeves is plotting biggest EVER tax-raising package

Daily Mail  

Businesses, motorists and pension savers are braced for pain today amid fears Rachel Reeves could deliver one of the biggest ever tax-raising Budgets in a fortnight. Chancellor Rachel Reeves is preparing to unveil an eye-watering £40billion of tax hikes and spending cuts on October 30 Ms Reeves told the meeting that plans to fill what she has branded a '£22billion …

Rachel Reeves could hammer Brits with biggest tax-raising Budget EVER: Chancellor's '£40bn' package hitting NICs, CGT and inheritance tax might top Rishi Sunak's 2021 misery and Lamont's 1993 mega-rai
2 months, 1 week ago

Rachel Reeves could hammer Brits with biggest tax-raising Budget EVER: Chancellor's '£40bn' package hitting NICs, CGT and inheritance tax might top Rishi Sunak's 2021 misery and Lamont's 1993 mega-rai

Daily Mail  

Rachel Reeves could hammer Brits with one of the biggest tax-raising Budgets ever in a fortnight. Chancellor Rachel Reeves is preparing to unveil an eye-watering £40billion of tax hikes and spending cuts on October 30 Ms Reeves told the meeting that plans to fill what she has branded a '£22billion black hole' in the UK's finances will be enough only …

Britain relies on 1m workers for £124bn of income tax
2 months, 1 week ago

Britain relies on 1m workers for £124bn of income tax

The Telegraph  

Income tax is the single biggest revenue raiser for the Treasury, and is expected to generate £300bn to help fund public services this year. Official data show there are 1.13m top rate taxpayers in the UK who will pay an average of £110,000 each in income tax this year, up from 950,000 45p rate taxpayers in 2023-24. This compares with …

Rachel Reeves' '£25bn tax bomb': IFS warns Chancellor needs massive raid in Budget to balance books after public sector pay splurge - with NICs, pension pots and inheritance under threat
2 months, 2 weeks ago

Rachel Reeves' '£25bn tax bomb': IFS warns Chancellor needs massive raid in Budget to balance books after public sector pay splurge - with NICs, pension pots and inheritance under threat

Daily Mail  

Rachel Reeves needs a £25billion tax bomb to meet pledges and balance the books after her public sector pay splurge, a grim report warned today. Rachel Reeves needs a £25billion tax bomb to meet pledges and balance the books after her public sector pay splurge, a grim report warned today The grim assessment comes from the respected IFS think-tank as …

Nearly two thirds of pensioners will pay income tax in three years because of stealth raid
7 months, 3 weeks ago

Nearly two thirds of pensioners will pay income tax in three years because of stealth raid

The Telegraph  

Almost two thirds of pensioners will be paying income tax in three years because of Jeremy Hunt’s stealth tax raid, analysis has found. Two years, ago the Chancellor said the level at which a person starts to pay income tax would be frozen at £12,570 until 2027-28 – dragging more people into having to pay the tax every year. At …

How taxes have soared to a near-record high under Tory rule
9 months, 2 weeks ago

How taxes have soared to a near-record high under Tory rule

The Telegraph  

It means Mr Hunt has by a hair’s breath avoided further headlines about the tax burden being on course to hit a peacetime high, although it will only sit a nudge below the record high of 37.2pc in 1948. Lord Cameron said “one of the proudest things” he had done in government was cutting income taxes for 26 million people …

Hunt handed £9.2bn boost for Budget tax cuts
10 months ago

Hunt handed £9.2bn boost for Budget tax cuts

The Telegraph  

The TaxPayers’ Alliance urged the Chancellor to “give taxpayers the break they deserve and cut income tax at the upcoming Budget”. However, receipts were £4.6bn lower than the OBR’s forecast of £116bn as income from higher earners, the self-employed and capital gains taxes eased. Self-assessment tax receipts stood at £21.6bn last month, which is £2.4bn less than the £24bn forecast …

UK tax burden remains set for post-war record high, despite cuts
1 year, 1 month ago

UK tax burden remains set for post-war record high, despite cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Rishi Sunak considers tax cut for five million highest earners
1 year, 2 months ago

Rishi Sunak considers tax cut for five million highest earners

The Telegraph  

Downing Street is considering a tax cut for five million high earners next year to galvanise Tory voters after suffering historic by-election defeats in two “safe” Conservative seats. The threshold for paying the 40 per cent higher rate of income tax could be raised in an effort to plot a path to re-election despite polls predicting a Labour victory. Surveys …

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’
1 year, 8 months ago

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. A senior government source told the newspaper: “It’s all about …

Tax expert questions whether PM’s capital gains tax arrangement should continue
1 year, 9 months ago

Tax expert questions whether PM’s capital gains tax arrangement should continue

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak is benefiting from …

Households paid an average of £821 more in tax in the first nine months of year
1 year, 10 months ago

Households paid an average of £821 more in tax in the first nine months of year

Daily Mail  

Households paid an average of £821 more in tax in the first nine months of the year, analysis showed today. Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares to defy Tory calls for early tax cuts. Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares …

How Sunak's war on wealth risks reversing a 50-year march towards democratic capitalism
2 years, 1 month ago

How Sunak's war on wealth risks reversing a 50-year march towards democratic capitalism

The Telegraph  

When Jeremy Hunt looks down the list of options for raising revenue in the Autumn Statement, many theoretical options will already be crossed out in red ink. And the big three revenue generators of income tax, National Insurance and VAT are already off the table if the government wants to keep to its manifesto pledges. But, critics say, he has …

Rishi Sunak and Jeremy Hunt aim for £50BILLION of public spending cuts and tax rises
2 years, 1 month ago

Rishi Sunak and Jeremy Hunt aim for £50BILLION of public spending cuts and tax rises

Daily Mail  

Rishi Sunak and Jeremy Hunt are aiming for £50billion of public spending cuts and tax rises to help tackle a huge black hole in the nation's finances and to convince markets they can balance the UK's books. Public finances have deteriorated since Rishi Sunak quit as Chancellor earlier this year Mr Hunt, meanwhile, is understood to have spoken with former …

UK’s tax burden: What do the figures show?
2 years, 6 months ago

UK’s tax burden: What do the figures show?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Boris Johnson said …

Britain heading for worst fall in living standards since 1950s, despite Sunak’s tax giveaways
2 years, 9 months ago

Britain heading for worst fall in living standards since 1950s, despite Sunak’s tax giveaways

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Martin Lewis, who runs the Money Saving Expert website, said …

Bill for coronavirus support tops £400bn as Rishi Sunak says UK will be paying for decades to come
3 years, 9 months ago

Bill for coronavirus support tops £400bn as Rishi Sunak says UK will be paying for decades to come

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. And the official forecaster’s projection of long-term “scarring” remained unchanged, with the economy expected to …

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