Categorie archief: The Guardian

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Under cover of capital gains, the hyper-rich have been getting richer than we thought | Polly Toynbee

A new report reveals the true wealth of the top 1%. Some hope coronavirus will even things out – but don’t bank on it

Ever since 2010, the government has claimed we have been “all in this together” during the lost decade of austerity. Rich and poor alike are taking a hit; that was what they told us.

When anyone complains of “rising inequality” – because that’s how it feels for so many people – the Tories and their commentariat brandish official statistics showing it’s not so. The dial on the Gini coefficient hasn’t shifted for years, they claim. The Gini coefficient is measured between 0 and 100 – with 0 indicating that income is shared equally among all people and rising to 100 in extreme income inequality. The story was that the rich also took a beating in this long period of austerity imposed by successive Tory governments – and they didn’t get richer.

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Top 1% of British earners get 17% of nation’s income

Analysis shows top of society get larger slice of income than previously thought

The highest paid 1% of British earners received nearly 17% of all the country’s income ahead of the Covid-19 crisis, according to a study making allowance for the concentration of taxable capital gains among the better off.

Analysis by Warwick University, the London School of Economics and the Resolution Foundation of previously confidential HMRC data showed that the top 1% had a growing and much bigger slice of income than previously thought.

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UK told to pay EU’s costs after being sued over City tax breaks

UK ‘breached directive’ when it failed to inform EU of zero-rate of VAT given to commodities traders

The British government has been ordered to pay the European commission’s legal costs after being successfully sued for granting City traders a tax break without EU permission.

The European court of justice ruled that the UK had breached an EU directive by failing to notify Brussels of a zero-rate of VAT given to commodities traders over the last four decades.

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Treasury considers tax hikes and pay freezes to cover Covid-19 costs

Britain’s budget deficit expected to hit £337bn this year after spending surge

Raising taxes or imposing a public sector wage freeze are among the options on the table to pay for a government borrowing boom during the coronavirus pandemic, according to a leaked Treasury document.

The internal report estimated Britain’s budget deficit – the gap between government income and expenditure – is on course to hit £337bn this year after a dramatic increase in public spending to cushion the economic fallout from the disease, while tax income has been eviscerated by lockdown measures.

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Geplaatst in Internationaal, Nieuws, The Guardian | Reacties uitgeschakeld voor Treasury considers tax hikes and pay freezes to cover Covid-19 costs

Treasury considers tax hikes and pay freezes to cover Covid-19 costs

Britain’s budget deficit expected to hit £337bn this year after spending surge

Raising taxes or imposing a public sector wage freeze are among the options on the table to pay for a government borrowing boom during the coronavirus pandemic, according to a leaked Treasury document.

The internal report estimated Britain’s budget deficit – the gap between government income and expenditure – is on course to hit £337bn this year after a dramatic increase in public spending to cushion the economic fallout from the disease, while tax income has been eviscerated by lockdown measures.

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Geplaatst in Internationaal, Nieuws, The Guardian | Reacties uitgeschakeld voor Treasury considers tax hikes and pay freezes to cover Covid-19 costs

Coronavirus outbreak will halt 520,000 UK house sales in 2020

Freeze on transactions will cut sales by 38% with wide-ranging knock-on effects for economy, warns leading agencyMore than 520,000 UK home sales will be abandoned this year, after the government ordered a temporary freeze on the housing market last mon… Lees verder

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Surges of love for the NHS and anger over Tory policies | Letters

Anthony Matheson is a doctor who wants to help but can’t, Peter Kaan is convinced the Tories will only do right by the NHS temporarily, and Karen Barratt is fearful that low-paid workers in essential services will end up footing the bill

You would think that, during the Covid-19 crisis, doctors are at a premium and are being snapped up with open arms by the NHS. Unfortunately, that seems not to be the case. I am a UK- and NHS-trained doctor, and for the past six years I have worked as a senior emergency medicine doctor in the NHS. I am also an NHS-qualified GP. Since mid-January I have been working as a civilian doctor for the Ministry of Defence.

When I saw the strain that the NHS was under, I felt it was my professional and moral obligation to offer my services. You would think that this would be fairly easy. The General Medical Council has been contacting doctors who have given up their registration in the past three years and they are being granted temporary registration if they wish to volunteer. But there is nothing on the GMC website directing registered doctors on how to volunteer.

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April is the start of the tax year. How will the changes affect me?

From inheritance tax to junior Isas, the UK government is making adjustments

Traditionally, the beginning of a new tax year brings changes to taxes, benefits and the cost of some essentials – and despite the extraordinary conditions we are currently living in, this year is no different.

From 6 April we will see changes to junior Isas, national insurance and inheritance tax (IHT), among many adjustments that will affect the pounds in your pocket. There were also a number of price changes that came into effect on Wednesday 1 April, dubbed by some as “national price hike day”.

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Tax avoidance schemes target workers answering NHS call-up

Recruits to coronavirus appeal may end up owing tax, interest and fees, warns HMRC

Former workers returning to the NHS are being targeted with aggressive tax avoidance schemes – under the guise of umbrella companies – which HMRC warns are unscrupulous and could leave people owing more tax.

About 20,000 former NHS staff have returned to work to help the fight against coronavirus, Boris Johnson said at the weekend. But tax avoidance scheme promoters have approached many, offering the false hope that they will be able to take home 80% to 85% of their pay.

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Can I get a refund on stamp duty, which I’ve paid twice?

My wife and I have split up and I agreed to buy out her half of the flat we bought together

Q In September 2017 my wife and I bought a flat in joint names as our permanent home and paid stamp duty. We have now separated and as part of our separation agreement, I paid her a sum of £250,000 for her half share of the flat in order to get full title of the property. I paid £2,500 in stamp duty so that means that stamp duty has been paid twice on this property. Is it possible to get this sum refunded?
MH

A It should be possible to get a refund of the second lot stamp duty land tax (SDLT) you have paid because you shouldn’t have been charged it in the first place. In the words of HM Revenue & Customs: “If you” – or in your case, your ex-wife – “transfer an interest in land or property to your partner as part of an agreement or court order because you are either divorcing or dissolving a civil partnership, you don’t pay SDLT.” And “in these cases there’s no need to tell HMRC about the transfer even if the value is more than the SDLT threshold” of £125,000.

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Self-employed? Here are the chancellor’s new measures to help

Rishi Sunak boosts safety net but workers criticise measures as not going far enough in coronavirus crisis

The chancellor, Rishi Sunak, said on Friday he will “strengthen the safety net for those who work for themselves” with a package of measures to support the self-employed and freelancers, offering improved benefits and tax deferrals.

But there is mounting anger among the self-employed over what they see as insufficient support in the emergency measures announced on Friday evening.

Related: Sunak launches third UK budget in nine days – and the most crucial

Related: At last, Rishi Sunak has delivered a fitting response to coronavirus | Tom Kibasi

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Council tax reform would help ‘level up’ north of England

Bills could fall by 20% if system mirrored house price growth over past 30 years, says IFS

More than 10m households would benefit from lower council tax bills if the government reformed the “arbitrary and unfair” annual property charge to reflect the growing divide between London and the south-east and the rest of England.

The Institute for Fiscal Studies (IFS) said average bills across most of the Midlands and north would fall by more than 20%, with more modest falls across much of the south-west and parts of east England should ministers introduce a system more aligned with house price growth over the past 30 years.

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Budget boost for government’s tax-free childcare scheme

System to use cashless payment apps like ParentPay, used by 3 million people

Good news for (some) parents: measures to make it easier for people with school-age children to access the government’s tax-free childcare scheme were announced in the budget.

This scheme is for working families, including the self-employed, in the UK with children under 12 (under 17 if disabled). Parents open an online account to pay for registered childcare – a childminder, nursery, nanny, after-school club, playscheme and so on. However, your childcare provider must be signed up to the scheme.

Related: Budget calculator 2020: what does it mean for me?

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Entrepreneurs’ relief tax break slashed by 90% in Sunak’s budget

Chancellor significantly scales back controversial policy but stops short of scrapping it

Entrepreneurs’ relief, a tax break which mostly benefits wealthy business owners, will be cut by 90% after the chancellor stopped short of scrapping the controversial policy.

Rishi Sunak significantly scaled back the relief, which halves the capital gains tax paid when people sell their businesses, with immediate effect.

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Chancellor boosts high earners with action to end pensions ‘tax trap’

Move to stop doctors turning down shifts also means tax cut for those on £110,000 a year

Hundreds of thousands of higher earners will in effect enjoy a tax cut after the chancellor took drastic action to tackle a pensions “tax trap” that was causing senior doctors to turn down extra shifts.

With health services coming under increasing pressure as a result of the coronavirus outbreak, the government announced changes to pension tax rules affecting people paid more than £110,000 a year.

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Geplaatst in Internationaal, Nieuws, The Guardian | Reacties uitgeschakeld voor Chancellor boosts high earners with action to end pensions ‘tax trap’