Are windfall taxes threatening the UK’s Net Zero Strategy?
Ahead of next week’s Spring Budget, Labour has set out their plan to increase taxes paid by oil and gas companies should they win the next election. But, with electricity generating companies writing to the chancellor asking for reforms to capital allowances for investment in green energy, are windfall taxes leaving the UK’s net zero strategy hanging in the balance?
How might Labour respond to the Budget?
With the Labour Party ahead in the polls, a future Labour government is increasingly likely. To date, Labour’s tax policy announcements have been limited, but with the Spring Budget nearly upon us, how might a Labour government respond to this, and what policies on taxing businesses could be in their future manifesto?
Is HMRC attacking non-doms?
Tax advisers across the country are reporting an increase in HMRC enquiries into the tax status of non-doms. It’s clear that these enquiries are based on a centrally produced toolkit of detailed, and often very personal, questions. So what’s going on, and what does HMRC hope to achieve?
Inheritance tax: Should the process be reviewed before any changes are introduced?
With many speculating that the chancellor’s forthcoming Spring Budget will not prioritise changes to inheritance tax, there are a number of administrative factors he should still consider improving. As individuals are often dealing with inheritance tax while bereaved, the current backlog of administration and confusing guidance from HMRC is making the process more challenging than necessary.