tax

New Chancellor set to crack down on £340m loopholes in insurance tax

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New Chancellor Rishi Sunak set to crack down on £340m-worth of insurance tax loopholes in his first Budget New Chancellor to stop insurance tax loopholes thought to cost £340m a year  Some insurance policies are adding a tax of 20 per cent to their premiums Other insurers were said to be failing to report all … Read more

Has George Osborne’s tax bombshell killed off the buy to let dream?

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Thousands of buy-to-let landlords are poised to throw in the towel and sell their properties in the coming months as they lose yet more generous tax breaks. The scrapping of tax relief on mortgage interest payments, that kicks in from the start of the new tax year in April, will be the final straw for … Read more

Will pension tax relief be slashed to 20% for all?

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A raid on popular pension tax breaks to drum up money for other government priorities is reportedly on the cards in the upcoming Budget. Pensions tax relief could be set at 20 per cent for everyone, potentially saving £10billion in payments to higher rate taxpayers. This would tear up the long-standing principle of saving into … Read more

Hedge fund boss Sanjay Shah in £1.5bn tax fraud trial

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London born hedge fund boss Sanjay Shah is suspected of swindling Danish tax authorities by setting up sham trades A London-born hedge fund boss accused of masterminding a £1.5billion tax fraud is facing one of the most expensive trials in British legal history. Sanjay Shah is suspected of devising an elaborate scheme to swindle Danish … Read more

Should inheritance tax be replaced with a 10% gift tax?

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Inheritance tax at 40 per cent should be ditched and replaced with a 10 per cent tax on annual gifts of £30,000-plus and a new death allowance, says a report by MPs. Their proposals would sweep away the current rules, including the seven-year survival one on large gifts – whereby the money gradually becomes free … Read more

Self-assessment tax filers using their marriage allowance report surprise bills

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Self-assessment tax filers looking to use their spouse’s allowance report surprise bills, but HMRC tells them to file their return anyway The marriage allowance allows a transfer of up to £1,250 to your spouse This is done to reduce the tax you pay due to a higher personal allowance One reader told This is Money the … Read more

Five tax changes to prepare for in the Chancellor’s March 11 Budget

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Chancellor Sajid Javid last night announced that this year’s Budget, postponed ahead of the December election, will be held on 11 March. While much of the focus has been on the tearing up of Treasury rules and measures to try and ‘level up’ the rest of the country, there are a number of tax changes … Read more

Google to end use of tax loophole to delay payment of US income tax

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Google to quit tax dodging: Tech titan will stop using ‘double Irish’ loophole to channel profits to tax havens By Daily Mail City & Finance Reporter Published: 21:51 BST, 1 January 2020 | Updated: 21:51 BST, 1 January 2020 Google is to end its use of the so-called ‘double Irish’ loophole to channel international profits … Read more