Accountants Grant Thornton forecasts the taxes from the soaring fuel prices
will bring Chancellor of the Exchequer Alistair Darling £34bn, of which basic
fuel duty at more than 50p a litre will come to £25.7bn, while rising oil prices
will lift the VAT on fuel to an additional £8.5bn, totaling the equivalent of
almost £4m an hour.
The windfall led to fresh calls last night for Prime Minister Gordon Brown to
act to slash duty.
Roger King, Road Haulage Association chief executive, described VAT on fuel
as the ultimate stealth taxi.
King urged the government to cancel a 2p rise in duty in the autumn and to
use VAT receipts to cap prices. He also warned protests by lorry drivers could
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay