The UK Chancellor of the Exchequer has reiterated the government’s commitment to continue cutting taxes, especially through spending cuts, and without any extra borrowing. He cited the cuts in income taxes and freezing fuel duty, and the increase of the tax-free allowance to GBP 10,000 from April 2014 as examples. The Government was helping small business by helping with high business rates (i.e. local property taxes), and a new employment allowance for small businesses which reduces their National Insurance (i.e. social security) payments.
Related Posts
UK: HMRC cuts late payment, repayment interest rates
May 12, 2025
UK’s tax authority, His Majesty’s Revenue and Customs (HMRC) has announced updated late payment and repayment interest rates in response to the Bank of England's base rate reduction from 4.50% to 4.25% on 8 May 2025. HMRC interest rates are
Read More
US, UK announces trade deal, expands agricultural access
May 12, 2025
US President Donald Trump announced a "full and comprehensive" trade agreement between the US and the UK on Thursday, 8 May 2025. “The agreement with the UK is a full and comprehensive one that will cement the relationship between the US and
Read More
UK expands list of tax-exempt government bonds
May 09, 2025
The UK Treasury published Order SI 2025/553 on 6 May 2025, adding more government bonds, also called "gilt-edged securities", to the list of investments exempt from capital gains tax and corporate tax. In the UK, government bonds are referred to
Read More
New Zealand and the UK resume tax agreement negotiations
May 02, 2025
New Zealand and the UK resumed negotiations in March 2025 to finalise a new Double Tax Agreement (DTA) aimed at addressing income and capital gains tax matters. The objective is to replace the existing DTA, which was signed in 1983, with an
Read More
UK: HMRC unveils vaping stamps, tax overhaul
May 02, 2025
The UK’s Treasury and HM Revenue and Customs (HMRC) published responses to consultations on various tax and customs matters on 28 April 2025. These include a new duty stamps scheme for vaping products, changes to customs procedures for postal
Read More UK: HMRC launches consultation on changes to soft drinks levy, landfill tax, stamp duty, and other fiscal measures
May 02, 2025
The UK Treasury and His Majesty's Revenue and Customs (HMRC) have launched a series of public consultations on proposed changes to a range of taxes. These include the soft drinks industry levy, landfill tax, stamp duties, and gambling duty, along
Read More