1-20 of 37 results for subject:Taxation
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That this House notes that the combined annual profits of the four largest UK banks have doubled to £48 billion in the five years to 2025, much of this due to a tax glitch which gifted an unexpected windfall of £86 billion since 2022; further notes that a fair and pragmatic windfall tax on these profits would raise approximately £7 billion per annum; recognises that this windfall tax could fund both a £90 cut in a typical household’s annual fuel bill, if used to replace the artificial impact of the so-called renewable levy, and a 5% VAT cut for hospitality businesses; also notes that tech giants pay only 2% on their declared UK profits and that an increase to just 10% would raise a further £4 billion per annum; acknowledges the Institute for Public Policy Research study which indicates that doubling the Remote Gaming Duty on online gambling companies could generate an additional £1 billion annually; and calls on the Chancellor of the Exchequer to carefully consider these factors and those contained in EDMs 2162 and 2225 as part of a comprehensive and equitable approach to fiscal policy in the forthcoming Budget.
That this House notes that the combined annual profits of the four largest UK banks have doubled to £48 billion in the five years to 2025, much of this due to a tax glitch which gifted an unexpected windfall of £86 billion since 2022; further notes that a fair and...
That this House notes that the UK spends 7.27% of GDP, costing £207 billion per annum, on tax reliefs, equivalent to about 30% of Government tax revenue, and that the Treasury Select Committee identified in 2023 that 815 of 1,180 tax reliefs have never been publicly costed; further that notes the Institute for Government found that the Government introduced 14 major tax policies targeted at and for the benefit of high wealth or high income individuals in 2015-2023, that just three had been substantiated on a significant evidential basis, and that a 2024 National Audit Office report observed a concerning absence of evaluation of tax reliefs; also notes that many tax reliefs have substantially contradicted the declared purpose of Government policy, such as the small business rate relief available for holiday lets, and which has seen industrial-level flipping of second homes from Council Tax to the business rate systems to take advantage and to pay no tax at all; notes that along with other reliefs, and covid aid, this has resulted in granting over £500 million of taxpayers’ money to support holiday home owners in Cornwall alone in the last 10 years, while thousands of local families have been evicted to make way for more holiday and second home investors; and calls on the Chancellor of the Exchequer to carefully consider these factors as she prepares for the Budget and to undertake a Comprehensive Spending Review-style Zero Based Review of the entire tax code, costing and evaluating all tax reliefs.
That this House notes that the UK spends 7.27% of GDP, costing £207 billion per annum, on tax reliefs, equivalent to about 30% of Government tax revenue, and that the Treasury Select Committee identified in 2023 that 815 of 1,180 tax reliefs have never been publicly costed; further that notes...
That this House notes the extent of widening inequality in the UK and that the top 50 richest families now hold more wealth than the poorest half of the population and there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic study conducted by Patriotic Millionaires UK on the Sunday Times Rich List reported that £160 billion could have been raised for the UK's public finances over the past three decades if those with assets over £10 million were annually taxed at 2%, whilst their wealth would still have increased at between 1.7% and 2.7%; believes that moderate taxes would not provoke capital flight as lobbyists assert and is repeated by some media and commentators; considers that just 0.01% of the richest households relocated after wealth tax reforms were introduced in Norway, Sweden and Denmark; highlights that the considerable evidence that low taxes on wealth can be counterproductive for growth and productivity and that research by tax policy experts at CenTax and the IFS shows that equalising capital gains and income tax rates alongside introducing an investment allowance supports productivity and growth, as does taxing share buybacks; also notes UK's tax-to- GDP ratio is around 35% according to OECD data (2024), lower than comparable G7 economies France (44%), Italy (43%), Nordic countries (41-43%); and calls on the Chancellor to reflect on these factors as she considers her options for the forthcoming Budget.
That this House notes the extent of widening inequality in the UK and that the top 50 richest families now hold more wealth than the poorest half of the population and there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic...
What assessment she has made of the potential impact of her tax policies on investment in second homes.
What assessment she has made of the potential impact of her tax policies on investment in second homes.
While short-term lets and second homes can benefit the tourist economy, we recognise that they can impact the availability and affordability of main homes in some communities. That is why we have enabled councils to charge a premium of up to 100% on the council tax bills of second homes, increased the higher rates of stamp duty land tax on the purchase of second homes and abolished the furnished holiday lets tax regime.
I am grateful to the Minister for that response, but I believe we can go further, because this is not about the politics of envy but about the politics of social justice. In Cornwall, it cannot be right that through the small business rate relief system, over £500 million of taxpayers’ money has gone into the pockets of holiday homeowners in the last 10 years. Many of those homeowners have flipped their second homes into the small business rating system to take advantage of that loophole. Will the Minister meet me so that we can find a more equitable way of spending public money that goes into first homes rather than second homes?
I am grateful to the Minister for that response, but I believe we can go further, because this is not about the politics of envy but about the politics of social justice. In Cornwall, it cannot be right that through the small business rate relief system, over £500 million of taxpayers’ money has gone into the pockets of holiday homeowners in the last 10 years. Many of those homeowners have flipped their second homes into the small business rating system to take advantage of that loophole. Will the Minister meet me so that we can find a more equitable way of spending public money that goes into first homes rather than second homes?
I thank the hon. Gentleman for his remarks. I agree with him about the importance of taking the right action to tackle second homes. I understand he had a meeting with the Minister for Housing and Planning last week, and I would be happy to follow up any items that arose from that. Our plan to build more homes includes 4,500 new homes in every year in Cornwall, and I hope he will support those building plans too.
To ask the Secretary of State for Environment, Food and Rural Affairs what discussions he has had with (a) the Secretary of State for Communities and Local Government, (b) the Secretary of State for Business, Innovation and Skills and (c) the Chancellor of the Exchequer regarding the review of the...
To ask the Secretary of State for Environment, Food and Rural Affairs what discussions he has had with (a) the Secretary of State for Communities and Local Government, (b) the Secretary of State for Business, Innovation and Skills and (c) the Chancellor of the Exchequer regarding the review of the...
The Secretary of State for Environment, Food and Rural Affairs, my right hon. Friend the Member for North Shropshire (Mr Paterson), Affairs, has regular discussions on a number of subjects with the Secretary of State for Communities and Local Government, my right hon. Friend the Member for Brentwood and Ongar (Mr Pickles), the Secretary of State for Business, Innovation and Skills, the right hon. Member for Twickenham (Vince Cable), and the Chancellor of the Exchequer in the normal course of business.
The single-use plastic bag tax has proven successful in Wales. It is being adopted in Ireland and will soon also be adopted in Scotland. Will the Minister update the House on the Government’s current plans regarding the introduction of a similar tax in the rest of the country?
The single-use plastic bag tax has proven successful in Wales. It is being adopted in Ireland and will soon also be adopted in Scotland. Will the Minister update the House on the Government’s current plans regarding the introduction of a similar tax in the rest of the country?
As my hon. Friend knows, the Government have been looking at this issue for some time and we believe there is a need to bear down on the use of plastic bags, particularly those that are non-recyclable. We are looking carefully at evidence from Wales and note the decision in Scotland. We hope to come forward with plans in due course regarding what is appropriate for the English market.
To ask the Secretary of State for Health what assessment his Department has made of the merits of applying additional taxation to foods which are high in saturated fats.
To ask the Secretary of State for Health what assessment his Department has made of the merits of applying additional taxation to foods which are high in saturated fats.
To ask the Chancellor of the Exchequer (1) what estimate he has made of the net effect on Inland Revenue income likely to result from his Department's (a) proposed temporary and (b) full set of controlled foreign companies tax regime;
To ask the Chancellor of the Exchequer (1) what estimate he has made of the net effect on Inland Revenue income likely to result from his Department's (a) proposed temporary and (b) full set of controlled foreign companies tax regime;
(3) what assessment he has made of the compliance of his Department's (a) proposed temporary and (b) full reform of controlled foreign companies tax regulation with EU competition rules.
(3) what assessment he has made of the compliance of his Department's (a) proposed temporary and (b) full reform of controlled foreign companies tax regulation with EU competition rules.
(2) what estimate he has made of the net effect on the level of investment in the UK likely to result from his Department's (a) proposed temporary and (b) full reform of controlled foreign companies tax regulation;
(2) what estimate he has made of the net effect on the level of investment in the UK likely to result from his Department's (a) proposed temporary and (b) full reform of controlled foreign companies tax regulation;
To ask the Chancellor of the Exchequer what estimate he has made of the effect on (a) banks and (b) the banking sector of the measures proposed in the June 2010 Budget in respect of (i) the banking levy, (ii) changes to corporation tax, (iii) the rise in the rate...
To ask the Chancellor of the Exchequer what estimate he has made of the effect on (a) banks and (b) the banking sector of the measures proposed in the June 2010 Budget in respect of (i) the banking levy, (ii) changes to corporation tax, (iii) the rise in the rate...
To ask the Chancellor of the Exchequer what estimate he has made of the additional tax the Exchequer will recover from all individuals with incomes (a) below the personal allowance threshold set in the Budget, (b) above the personal allowance level but below the 40 per cent. tax threshold, (c)...
To ask the Chancellor of the Exchequer what estimate he has made of the additional tax the Exchequer will recover from all individuals with incomes (a) below the personal allowance threshold set in the Budget, (b) above the personal allowance level but below the 40 per cent. tax threshold, (c)...
(3) what (a) research he commissioned and (b) impact assessment he undertook in respect of the proposed banking levy prior to his financial statement;
(3) what (a) research he commissioned and (b) impact assessment he undertook in respect of the proposed banking levy prior to his financial statement;
To ask the Chancellor of the Exchequer (1) what representations he has received from (a) the banking sector and (b) others on (i) the proposed bank levy and (ii) other measures proposed in the June 2010 Budget;
To ask the Chancellor of the Exchequer (1) what representations he has received from (a) the banking sector and (b) others on (i) the proposed bank levy and (ii) other measures proposed in the June 2010 Budget;