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05/11/2026

Media Tax Highlights - Thursday 5 November 2026

Please note: There will be no Media Tax Highlights on Friday 6 November

Visitor levy

Andy Burnham warned ‘shocking’ holiday tax ‘will cost Brits £1.6bn’ - Daily Express (Eleanor Burleigh)
- New visitor levy powers to put money back into local communities (Government press release)
- Hoteliers face 14 years in jail for dodging tourist tax (The Times - Aubrey Allegretti)

The government has published legislation to give regional mayors powers to apply a levy on paid-for overnight visitor stays. The visitor levy bill, published yesterday, would allow England's mayors to introduce such a levy from 2028. Economic analysis by Oxford Economics has found that a 5% tax would cost UK holiday spots 33,000 jobs and increase tax for holidaymakers by £1.6 billion. UKHospitality chief executive Allen Simpson said: “It is not normal to have this level of taxation on a holiday. The UK's 20% VAT is already the third highest in Europe, and this holiday tax will make it even worse”. Accommodation providers could face a maximum prison sentence of 14 years if they try to evade paying the tax.

Tax compliance

How HMRC can now raid your bank account – and what you need to know - The i Paper (Adam Forrest)

The i Paper reports concerns about new HMRC powers allowing deductions from bank accounts to recover unpaid tax. It quotes the Low Incomes Tax Reform Group (LITRG), which warned that failure to engage with HMRC can reflect “genuine financial problems or difficulty understanding tax debt requests, rather than a refusal to pay.” In response, a HMRC spokesperson commented that the new power would only be used “after repeated attempts to contact "customers" who have the means to pay, but refuse to engage with us”.


Employment taxes

OBR warns Healey: Stealth taxes to blame for living standards slump - City A.M. (Maurício Alencar)

The Office for Budget Responsibility has told MPs that fiscal drag from frozen income tax thresholds is pulling more people into the higher tax rates and limiting growth in disposable income. Professor David Miles told the Treasury Committee there was an “ongoing increase in the overall effective tax rate”, adding that the future of UK living standards “partly depended” on how much longer a freeze on thresholds would continue for. Separately, Resolution Foundation research indicates that real household disposable income, in the 2020s, is set to increase by 1.4%, compared with 14% in the 2010s.


£100k earners face 64pc savings tax under Labour raid -
- The Telegraph (Robert White)

Analysis by financial technology company IG suggests that people earning between £100,000 and £125,140 could face an effective marginal tax rate of 64% on additional savings interest from April, following the Budget’s four percentage point increase in the higher savings income tax rate. IG Consumer chief executive Michael Healy labelled the £100,000 threshold one of the “most punishing features of Britain’s tax system”, adding that the frozen thresholds had brought more professionals into its grip. A Treasury spokesperson replied that the Chancellor has made “fair and proportionate choices” in the Budget.


Employees in partner’s clothing? HMRC in ‘aggressive pursuit’ of LLPs - City A.M. (Maria Ward-Brennan).

HMRC is contacting limited liability partnerships, following a Supreme Court ruling against Bluecrest Capital Management, to reassess their members’ tax status. Miles Dean of Andersen UK said HMRC would examine whether individuals described as partners were genuinely operating as business owners or were “highly paid employees dressed up in partnership clothing.” Members of an LLP are treated as self-employed partners, meaning they don’t pay the 15% employer’s national insurance contributions on their pay.

Business rates

M&S boss accuses Labour of tax grab after a budget worth ‘nothing’ - The Times (Guy Taylor)

Marks & Spencer chief executive Stuart Machin has criticised the tax and employment cost changes facing the retailer, saying M&S has incurred around £150 million in additional tax and labour costs since the 2024 Budget. Describing the Budget as a “whole lot of nothing” which would not “really address the issues we need to focus on growth”, he added that the headline freeze on business rates plans would add another £10 million to the company's rates bill.


Capital gains tax

Investors stung by five-fold increase in capital gains tax bills -
- The Telegraph (Madeleine Ross)

According to the Taxpayers’ Alliance, investors face having to pay £4,280 more on a £25,000 gain to sell assets due to a capital gains tax (CGT) squeeze. Changes to CGT rates and the annual tax-free allowance by successive governments have dragged many investors into the levy. Shimon Lee, of the Taxpayers’ Alliance, said: “CGT has become a brutal stealth raid on ordinary investors, punishing wealth creation and enterprise.”


US: Wealth tax

Democratic wave keeps US wealth taxes alive despite California loss - Financial Times (Eric Platt and Claire Jones)

Despite the projected defeat of California's Proposition 40, which proposed a 5% wealth tax on billionaires, Democrats’ sweeping midterm victory could prompt similar proposals in other states, according to a lecturer at Stanford University. David Crane said major changes “rarely move in a straight line” and argued that “people… think billionaires should be taxed”. While Proposition 40 looks set to be defeated, Proposition 3, which would make permanent an existing income tax surcharge on California’s wealthiest, looks to have passed.

04/11/2026

Media Tax Highlights - Wednesday 4 November 2026

Income tax

HMRC change for self-employed people with money they haven't earned yet affected - Birmingham Live (James Rodger)

From April 2029, around three million sole traders who make payments on account will be required to make more regular in-year payments towards their Income Tax Self-Assessment bills. Jon Stride of the Association of Taxation Technicians warned taxpayers may need to “regularly monitor and update their profit and tax forecasts” due to fluctuating incomes. He added that moving towards in-year payments “risks creating significant cash flow pressures, particularly during the transition to the new system.”


Landlords face £35k hit from Labour tax raid -
- The Telegraph (Linus Uhlig)

Landlords could face an additional £35,946 of tax over 25 years as a result of the Budget changes to property income tax, according to a report by the Telegraph. The new rates will be 24% for basic-rate taxpayers, 44% for higher-rate taxpayers and 49% for additional-rate taxpayers. Chris Norris of the National Residential Landlords Association said the Budget presented “significant challenges for landlords from all backgrounds”, while Charlie Newsome of Rathbones said that “for some, the sums simply no longer stack up”.



Tax policy

Rachel Reeves claims £66bn tax raid made UK ‘stronger’ -
- City A.M. (Samuel Norman)
- Rachel Reeves: My tax rises made Britain stronger (The Telegraph - Szu Ping Chan)
Rachel Reeves has defended the tax increases announced in her two Budgets, arguing in a speech at Harvard University that they helped create a “stronger fiscal buffer” and enabled additional investment in public services. The former chancellor said tax rises had been necessary, acknowledging that they were “difficult choices” that were “not without controversy”.

National Insurance

Cost of hiring minimum wage worker to climb by £4,000 -
- The Telegraph (Emma Taggart)

An analysis by the Centre for Policy Studies think-tank (CPS) has estimated that the annual cost of employing a full-time minimum-wage worker will have risen by £4,462 in the period from 2024 to 2027, driven by increases to the minimum wage and rises in employer national insurance contributions. Daniel Herring, the head of fiscal and economic policy at the CPS, said the chancellor “deserves some credit” for slowing the rise in the youth minimum wage, but added the government had “continued to increase pressure on businesses during an incredibly difficult period.” A spokesperson for the government said the economy “can only thrive when people have a wage they can count on”.


HMRC

‘HMRC sent my small business 94 letters in one day -
- The Telegraph (Madeleine Ross)

The director of a London-based events company has criticised HMRC for sending his small business 94 letters in a single day, as well as ‘hundreds’ of tax code change letters every month. Michal Orlowski said the situation was “absurd” and that it had been going on since he opened the business in 2014. Gareth Davies, the shadow financial secretary, called the situation “shocking but not surprising.” In a reply to a social media post from Orlowski, HMRC said employers could move these notifications online, a process Orlowski said he was in the process of doing.

03/11/2026

Media Tax Highlights - Tuesday 3 November 2026

Tax debt recovery

LITRG calls for strong safeguards around automated bank deductions - Daily Express (Alex Evans)

The Low Incomes Tax Reform Group has raised concerns about planned powers for HMRC to recover lower-value tax debts through regular deductions from bank accounts. From July 2029, the proposed regime is expected to cover debts of up to £5,000 for individuals and £10,000 for companies where taxpayers can afford to pay but repeatedly fail to engage. LITRG welcomed longer notice periods and stronger protections for joint account holders, but said non-engagement can reflect hardship or vulnerability. It called for debt checks, affordability safeguards and human review before deductions are made.

Making Tax Digital

HMRC clarifies five points before 7 November quarterly deadline -
- Daily Express (Chris Samuel)

HMRC has reminded sole traders and landlords with qualifying income above £50,000 that their second Making Tax Digital for Income Tax quarterly update is due by Saturday 7 November. The department stressed that a quarterly update is a summary of income and expenses rather than a tax return, and no tax payment is due when it is submitted. Taxpayers can use a range of recognised software, including spreadsheets linked to bridging software. Errors should be corrected in the digital records and will feed through to the next update. HMRC also confirmed that "customers" [sic] may submit on the Saturday deadline itself.

Tax avoidance

BCG hit with tax probe as HMRC steps up scrutiny of consultants -
- Financial Times (Ellesheva Kissin and Jamie John)
- HMRC launches tax crackdown on Boston Consulting Group bosses (Daily Telegraph – Louis Goss)

HMRC is investigating Boston Consulting Group’s partnership structure to determine whether partners should be treated as employees for tax purposes. The move is part of a wider wave of enforcement by HMRC against partnerships after BlueCrest Capital lost an appeal against HMRC’s attempt to tax dozens of its partners as employees. Treating senior staff as self-employed partners rather than employees offers tax benefits such as removing the requirement to pay employer national insurance contributions.

Scotland

Scottish Labour MPs under pressure to block UK Budget wh**ky tax hike - The Scotsman (Andrew J Quinn)

Scottish Labour MPs have been urged to “stand up for Scotland” and vote against a planned spirits duty rise proposed in the Budget this evening. It was announced last Wednesday that alcohol duty will rise in line with inflation (4.55%) in February. The Scotch Wh**ky Association said this fourth consecutive duty increase on spirits means the tax burden on the average bottle of wh**ky will rise to 74 per cent. It has also gone up 24 per cent since 2023.


Property tax

Empty homes tax could be introduced, says minister -
- BBC News (Josh Cann)

An empty property tax could be introduced on the Isle of Man, according to the island’s new housing minister Rob Callister. He said he would look at a levy on empty and dilapidated homes "similar to what they have in England", and also wants to bring forward a national housing plan within the next 12 months "if not sooner". The 2021 census recorded that of the 42,915 homes on the island, 5,695 were vacant - about 13%.

30/10/2026

Media Tax Highlights - Friday 30 October 2026

Tax compliance

HMRC assigns compliance managers to more than 200 UK-linked billionaires - The Guardian (Kalyeena Makortoff)
- HMRC draws up list of 200 billionaires in super-rich crackdown (Daily Telegraph – Linus Uhlig)
- More than 200 billionaires targeted by HMRC in new tax avoidance crackdown (The Independent – Albert Toth)

HMRC has compiled a list of more than 200 billionaires with a UK tax footprint and will assign each a customer compliance manager. The managers will offer voluntary pre-filing discussions intended to build a shared understanding of complex UK tax affairs and make later engagement more focused. HMRC estimates the wealthy tax gap at £3.6 billion for 2024/25, equivalent to 6% of the total tax gap, and says the wider programme should contribute at least £500 million towards its additional revenue target. HMRC also plans greater use of analytics, automated triggers and artificial intelligence to identify risks earlier.



New debt-recovery powers prompt scrutiny of safeguards for joint accounts - The i (Will Hazell)
- Share Radio Tring
- Palm FM

The i reports that HMRC's planned powers to recover lower-value tax debts by regular deductions from bank accounts could extend to joint accounts where one account holder owes tax. The measure is scheduled from July 2029 and is intended for taxpayers and companies that can afford to pay but repeatedly fail to engage. The Association of Taxation Technicians has called for safeguards to ensure that genuine debts are established, with technical officer Autumn Murphy saying: “It will therefore be essential that the new code of practice provides robust safeguards and clear protections for taxpayers.” ATT director of public policy Emma Rawson also spoke on this issue when she was interviewed by Share Radio Tring and Palm FM following the Budget. She also commented on the Government’s winter support measures, describing the assistance as welcome in the short term while noting that its longer-term impact would need to be assessed.



Self Assessment

More frequent tax payments raise cash-flow concerns for the self-employed - Daily Telegraph (Noah Eastwood and Eir Nolsøe)

The Government has confirmed that, from April 2029, many Self Assessment taxpayers will make automated in-year payments, with direct debit expected to be the default and eligible taxpayers able to opt into collection through PAYE. Reporting says more than three million sole traders could be affected. The transition may overlap with payments on account under the existing system, prompting warnings about cash-flow pressure and confusion. Forecasts suggest the reform will improve receipts by £1.3 billion in 2029/30, rising to £1.8 billion two years later. The Government says bringing payments closer to when income is earned should reduce late payment and tax debt.

Tax on trading

Tax-free trading allowance will rise to £3,000 from April 2027 -
- The Guardian (Zoe Wood)

The tax-free trading allowance will increase from £1,000 to £3,000 from April 2027. The Guardian reports that up to 1.4 million people could benefit, including people earning additional income through online selling, tutoring and dog-walking. Around 400,000 taxpayers are expected to pay less tax, with an average saving of £380, while about 100,000 may no longer need to report trading income to HMRC. People with receipts [i.e. Turnover] above £3,000 will still need to consider whether to deduct actual business expenses instead of claiming the allowance. Selling unwanted personal possessions does not automatically amount to taxable trading.


VAT

Large private-hire operators to account for VAT on full fares -
- Daily Telegraph (James Warrington)

The Government plans to change the VAT treatment of passenger transport supplied through private-hire and taxi operators acting as agents. From 2 January 2028, operators above a turnover threshold would be deemed to make the supply and would account for 20% VAT on the full fare rather than only their commission. Ministers will consult on the threshold, with £50 million of annual fare turnover the lead option. The measure is forecast to raise £425 million by 2031. Uber said the approach could create a two-tier market and increase fares, while the Treasury said it would address inconsistent treatment among larger operators and protect smaller firms.

Bank taxation

Lloyds urges Government to keep bank surcharge increase temporary - The Guardian (Kalyeena Makortoff)
- Lloyds boss warns Budget's bank tax increase ‘unhelpful’ to economic growth (The Independent – Anna Wise)
- Why the City isn’t buying a ‘time-limited’ bank tax hike (City A.M. – Samuel Norman)

Lloyds Banking Group chief financial officer William Chalmers has described the temporary increase in the bank corporation tax surcharge as unhelpful to growth and international competitiveness. The surcharge will rise from 3% to 6% for 15 months from January 2027 and is expected to raise £1.5 billion. Chalmers urged the Government to keep to the stated end date, arguing that banks' ability to lend, supports economic growth. His comments came as Lloyds reported third-quarter pre-tax profit of £2.3 billion, almost double the £1.2 billion recorded a year earlier. The Government says the additional receipts will support its household energy package.

29/10/2026

Media Tax Highlights - Thursday 29 October 2026

Budget: tax measures and reactions

Tax raid on landlords and banks will fund budget ‘breathing space’ - The Times (Steven Swinford and Oliver Wright)
- Healey hikes taxes and delays defence spending as economy set to slump (City A.M. - Maurício Alencar)
- John Healey hits banks and savers to fund modest Budget handout (Financial Times - George Parker, Sam Fleming and Lucy Fisher)
- Ed Davey: 'It's a £76bn stealth tax rise' (BBC News - unattributed)
- CIOT/LITRG Budget measures and reactions (CIOT)
- Nigel Farage blasts Labour's 'timid' Budget - 'Britain is Broke!' (Reform UK)

Yesterday’s Budget included a range of tax changes which the government will use to prioritise cost of living policies. These include higher taxes on banks, changes to business rates and gambling taxes, and a FURTHER two-percentage-point increase in tax rates on property and savings income [to 24%]. The government also announced an extension of a fuel duty freeze and a VAT cut on energy bills. The measures announced mean the government has introduced cumulative tax increases of over £70bn since the 2024 election. IFS director Helen Miller described the tax announcements “a raft of fiddly measures that will do very little [to] move the dial on growth.” Conservative leader Kemi Badenoch accused the government of “taxing everything that they can get their hands on”, while Lib Dem leader Sir Ed Davey said the continued freezing of income tax thresholds would bring more low-paid people into income tax. Reform Shadow Chancellor Robert Jenrick called it a “do nothing” Budget.

BBC Radio 4 (From 24:40 onwards)

ATT technical officer Helen Thornley was interviewed on BBC Radio 4 following the Budget. Thornley said the Chancellor could have gone a little bit further on “softening” some of the changes affecting the ability of farmers to pass on their farms down the generations. She also asked whether the Chancellor could have taken more “risks with breaking manifesto pledges” to try and give himself some headroom, acknowledging that could be “too politically challenging”.

HMRC to deduct money directly from bank accounts of tax debt evaders - The Times (Oliver Wright and Aaliyah Ahmed)
- Healey grants HMRC sweeping powers to chase tax debts (City A.M. - Maria Ward-Brennan)

HMRC is to be given more funding and powers to collect overdue tax from those who fail to pay their tax bills. Starting from April 2029, taxpayers will be required to set up direct debit instructions for VAT and PAYE return liabilities to collect any unpaid balances. Jon Stride, chair of the Association of Taxation Technicians Technical Steering Group, had warned before the Budget that HMRC should not introduce new powers until it could be “confident” that the right taxpayers will be “targeted and that adequate safeguards are in place”.

Healey tells Bailey to loosen UK banking regulation after tax hike -
- City A.M. (Samuel Norman)
- Banks hit back at budget tax surcharge (The Times - Ben Martin)
- TUC welcomes “common sense” bank tax and urges “relentless focus” on living standards (TUC – not attributed)

The Chancellor has urged the governor of the Bank of England to ease banking regulation “as quickly as possible” following a temporary increase in the banking surcharge from 3% to 6%. The industry criticised the increase, with JP Morgan saying it “singles out” the industry and “lacks principle”. However, the Trades Union Congress welcomed the measure, calling it “common sense”.

Healey reduces threshold for Business Asset Disposal Relief -
- City A.M. (Maisie Grice)
- Entrepreneurs to receive capital gains tax break on first £10m (The Times - Richard Tyler)

Some industry figures have warned that lowering the Business Asset Disposal Relief threshold could leave eligible companies “worse off”. Nimesh Shan of Blick Rothenberg said the reduction “makes little sense”, while Michael Carter of Osborne Clarke argued that the cut will leave qualifying business owners able to “save a maximum of just £30,000” in capital gains tax over their lifetime under the existing relief. The government has also announced a ‘Founders’ Relief’ that will provide a 10% rate of capital gains tax on qualifying lifetime gains of up to £10m. Malli Kini, also of Blick Rothenberg, said it could make the UK a “more attractive place” to start and grow a business.



Property tax rise will push more landlords to sell, Healey warned -
- The Financial Times (Aliya Shibli, Alan Livsey and Julie Steinberg)

The chief policy officer at the National Residential Landlords Association has said the decision to increase tax rates on property and savings income could be “incredibly damaging”. Chris Norris argued that landlords are already facing “heavily squeezed margins” and increased compliance costs and will have no option but to pass on these added costs in the form of rents.
[NB Listeners to the Budget speech, might have been bamboozled, as the chancellor announced a vague "2% extra" tax. What he did not say, was that this "extra" was on top of Rachel Reeves' 2% from 20% to 22%]


Tax compliance

HMRC creates list of 200 billionaires in tax crackdown on UK’s wealthiest - Financial Times (Josh Spero)

The FT reports that HMRC has identified more than 200 UK-linked billionaires and has assigned each a compliance manager to scrutinise their tax affairs. The tax authority aims to raise an additional £500 million by 2029–30 and has invited each billionaire and their representatives to “a voluntary initial or pre-filing discussion”.

28/10/2026

Media Tax Highlights - Wednesday 28 October 2026

Budget (general)
- Gas bill standing charges to be scrapped, chancellor says ahead of Budget (BBC News)
- UK Budget 2026 live: John Healey to deliver his first Budget (Financial Times)
- Budget 2026 live: John Healey to announce tax and spending plans (The Times)
- Healey pledges ‘breathing space’ for households in Budget (The Telegraph)

Several news outlets—including the BBC, Financial Times, Telegraph and Times—report that today’s Budget is very likely to include higher bank taxes, an increase in the minimum wage and measures to shield pensioners from income tax. The government announced this morning that gas standing charges will be abolished from 2027. It has been reported that Chancellor John Healey is also expected to announce long-term plans to go further in removing green levies from energy bills and putting them on general taxation.


BBC 5 Live (From 32.40 onwards)

ATT technical officer Helen Thornley spoke on BBC 5 live about the Budget, suggesting that the Chancellor is likely to honour his party’s manifesto pledges not to raise rates of income tax, national insurance or VAT. She believed that as a result John Healey has “limited himself quite significantly” and what he can do is “lots of very small things”. Thornley also touched upon taxation of the state pension, highlighting rumours that there could be a higher personal allowance in the Budget for older people on low incomes.
[NB Does that mean that my plea to re-introduce the AGE ALLOWANCE for pensioners, has borne fruit?]

Budget (business taxes)

Possible tax hikes for LLPs in Budget may ‘distort’ the market and push firms overseas - City A.M. (Rosie Harris-Davison)

Tax advisers have raised concerns about the potential impact that higher taxation of limited liability partnerships (LLPs) would have on the UK professional services sector. Sean Drury, Head of Tax at Blick Rothenberg, warned that the government “should be wary” of imposing tax on LLPs as the partnership structure “has been effective in attracting professional and financial services organisations to the UK.” The professional services sector’s contribution to the UK economy was £335 billion in 2025.

Bank tax will put the City’s success at risk -
- City A.M. (Chris Hayward)

The policy chairman of the City of London Corporation has warned that additional taxation of banks could affect the UK financial sector’s international competitiveness. Chris Hayward said the sector currently contributes 12% of national tax revenues and argued that further increases could affect international investment, SME lending and employment. He instead called on the Chancellor to abolish stamp duty on shares and simplify regulation.

The Budget lever Healey could pull to tax family business succession - City A.M. (Maisie Grice)

Proposed HMRC reforms to the tax treatment of company share buybacks could increase liabilities when family businesses are transferred to the next generation. Chris Etherington, tax partner at RSM, warned that restricting how retiring founders receive payments could make some family successions less financially attractive relative to third-party sales. One proposal could result in some proceeds being taxed as dividend income rather than capital gains, including on a £1 million handover. HMRC is also reported to be considering a two-year limit on buybacks qualifying for capital gains tax treatment.

ICAEW [Chartered Accountants] chief: Britain can’t build a better economy one Budget at a time - City A.M. (Alan Vallance)

The chief executive of ICAEW has called on the Chancellor to provide greater long-term certainty over business taxation, including ruling out further employment tax increases during this Parliament and freezing the business rates multiplier for 2027/28. Alan Vallance has argued that rising tax and regulatory costs are affecting business confidence and investment. He added: “Britain’s increasingly complex tax system is already holding back growth and risks becoming unfit for the economy of the future without fundamental reform”.

Income tax

More than half of higher earners would consider shunning a pay rise for tax reasons - This is Money (Jane Denton)

According to an RBC Wealth Management survey, more than half of people earning £100,000 or more would consider declining, deferring or restructuring a pay rise to limit additional tax liabilities. The survey of 750 high earners found that 55% would consider changing their approach to a pay increase, while 46% said they were increasing pension contributions to reduce taxable income.
[NB This tip has been passed on to our clients for the past few years. Paying under Gift Aid, is another]

Devolution

Andy Burnham must give mayors get power to slash taxes, Tories say - Daily Express (Steph Spyro)

The Conservatives have proposed giving mayors powers to reduce taxes as part of reforms to fiscal devolution. The party said that mayors will have greater responsibility for the money raised in their areas but suggested that, under the government’s plans, there will be “no new freedom” to use the tax system to put money back into residents’ pockets. Shadow Chancellor Andrew Griffith stated: “Labour are so repulsed by the idea that someone would want to give money back to a community, and not just to spend ever more taxpayers money, that they have been caught giving the lie to genuine devolution by blocking the ability of mayors to cut taxes, not just raise them.”

27/10/2026

Media Tax Highlights - Tuesday 27 October 2026

Tax compliance

Tax changes add £3.3bn to business compliance costs -
- Daily Telegraph (Melissa Lawford)

Analysis by tax services firm Ryan, reported by the Daily Telegraph, estimates that more than 140 tax policy changes introduced over the past year increased businesses’ administrative costs by 21%, adding £3.3 billion to compliance costs. The analysis places this on top of an estimated £15.4 billion already spent by businesses on meeting HMRC requirements. It attributes £713 million of the additional cost to corporation tax changes, £582 million to indirect taxes including VAT and £558 million to employment taxes.

Bank taxation

Bank bosses earn more in two days than typical workers do in one year as calls grow for windfall tax - Daily Mirror (Graham Hiscott)
- Calls for higher bank taxation intensify ahead of Budget (City A.M. – Samuel Norman)

The TUC has urged the Chancellor to increase taxes on the banking sector, estimating that restoring the bank corporation tax surcharge from 3% to 8% could raise £9 billion over four years, while a 16% rate could raise £24 billion. Separate City A.M. analysis compared recent bank levies in Italy and Spain and quoted RSM chief economist Thomas Pugh describing a bank levy increase as “probably the most likely option” at the Budget. Banks and Lloyds chief executive Charlie Nunn have argued that further taxes could reduce lending, investment and UK competitiveness.


Budget

Fund managers warn higher taxes could reduce UK investment -
- The Times (Tom Howard)

Fund managers and stockbrokers responsible for more than £100 billion of assets have warned that they would reduce investment in UK-listed companies if the Budget raises taxes further. A survey for Capital Access Group found that three quarters of respondents would invest less. Suggested measures included reducing employer National Insurance, avoiding capital gains tax increases, abolishing the 0.5% stamp duty on share purchases, directing more ISA and pension investment towards British businesses and restoring tax relief for AIM-listed shares.

Tax thresholds

Senior professionals increasingly exposed to £100,000 tax trap -
- The Times (Alice Wright)

The Times reports that frozen income tax thresholds are bringing more senior nurses, headteachers and army chaplains into the personal allowance taper. Once adjusted net income exceeds £100,000, the £12,570 personal allowance is withdrawn at £1 for every £2 of additional income, creating an effective 60% income tax rate between £100,000 and £125,140 before National Insurance and other interactions are considered. The article highlights the growing practical effect of fiscal drag on occupations whose pay has risen while the threshold has remained fixed.


Mileage rates

Coverage highlights 35p approved mileage rate above 10,000 miles - Birmingham Mail (James Rodger)

The Chancellor has announced an increase in the approved mileage rate for employees using their own cars or vans for work. As part of a raft of measures announced ahead of the Budget, John Healey said the rate applying above 10,000 business miles would be increased to 35p per mile, compared with 25p previously. Emma Rawson, of the Association of Taxation Technicians, said: “Today's announcement still leaves us with a two-tier system. We think a simpler single rate of at least 60p per mile would be fairer and easier to administer.”

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