The government considered lifting VAT to an unprecedented 18.5%, an
inadvertent publication of an early version of the
report documents has revealed.
Chancellor Alistair Darling decided only at the last minute to scrap plans
for the VAT hike in 2011-12, the Financial Times reports.
HM Treasury insisted last night the VAT rise, which would have generated £5bn
a year, was dropped by Darling in favour of a five basis point rise in national
insurance contributions and a new 45% income tax rate on high incomes.
A Treasury official said the two measures together would raise about £5bn a
year and there was no hole in the government’s forecasts for future revenue.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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