Rolling coverage of the latest economic and financial news, as the latest UK public finances figures give Jeremy Hunt more headroom for tax cuts
New data from HM Revenue and Customs this morning shows how the tax burden has risen this year.
Total HMRC receipts for April 2023 to December 2023 have risen to £580.8bn, which is £26bn higher than a year ago.
“The government’s income from death duties is going up. That makes changes to IHT policy a careful balancing act.
Cutting rates might win votes, since many see IHT as an unjust grab for money that’s already been taxed once. But the revenue earned is playing an important part in the government’s spending programme, and a shortfall would need to be made up somewhere else.
Continue reading…Rolling coverage of the latest economic and financial news, as the latest UK public finances figures give Jeremy Hunt more headroom for tax cutsNew data from HM Revenue and Customs this morning shows how the tax burden has risen this year.Total HMRC receipts for April 2023 to December 2023 have risen to £580.8bn, which is £26bn higher than a year ago.“The government’s income from death duties is going up. That makes changes to IHT policy a careful balancing act.Cutting rates might win votes, since many see IHT as an unjust grab for money that’s already been taxed once. But the revenue earned is playing an important part in the government’s spending programme, and a shortfall would need to be made up somewhere else. Continue reading…
