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.
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans
Companies must report on their complex financial structures including offshore accounts and notify HMRC