The volatility of corporate tax is being tested by the Treasury as the
banking sector continues to buckle.
According to a report on
the government is expecting a fall in tax revenues, primarily due to its
dependence on tax from financial services companies.
Yvette Cooper, chief secretary of the Treasury, said that ‘of course the
global credit crunch is affecting the UK’s tax receipts from financial services
and stamp duty’.
The proportion of financial sector revenues has increased significantly over
the past 25 years – jumping from 12% to contributing approximately a quarter of
total revenues in recent times.
Bill Dodwell, tax partner at Deloitte, said the fall in corporate tax
revenues could be as much £7bn to £45bn.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states