A rise in income tax of as much as 5% or cuts of ?20bn in public spending
will be needed within three years to counter the financial turmoil and avoid
driving the government’s finances deeper into the red, a leading think-tank has
The National Institute of
Economic and Social Research issued the stark message to Gordon Brown and
Alistair Darling yesterday. Along with other experts, it believes the weakness
of tax receipts and higher benefit bills, as a result of tumbling share prices,
plummeting house prices and the severe squeeze on consumer spending, will send
government borrowing soaring, The Times reports.
The think-tank said the high level of government borrowing in combination
will a sharper fall into the red by Treasury in the coming years of weak growth
would force spending cuts or tax rises by 2011 at the latest.
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