Publications that covered this story include City AM and Daily Mail on 9 July 2018 and the Mail Online on 23 July 2018.
- Eight major brand new taxes introduced in past ten years – including April 2018 Sugar tax on soft drinks
- 25% rise in the number of major taxes
- Rise comes despite Government’s stated aim to simplify tax system
The UK Government has taken £27.9 billion from taxpayers since the credit crunch through the introduction of brand new taxes,* our research shows.
The eight brand new HMRC taxes and levies introduced since the credit crunch, such as the Sugar Tax and Diverted Profits Tax, added a quarter to the total number of taxes collected by HMRC. There are now 36 major taxes collected by HMRC.
The brand new major taxes introduced by the Government since 2008/9, including:
- Bank Surcharge, which imposes an 8% corporation tax surcharge on the profits of banking companies above £25 million
- Diverted Profits Tax, introduced to counter perceived tax avoidance by multinational companies
- Apprenticeship Levy, created as an attempt to increase the number of apprenticeships
Businesses may be concerned about how the UK Government will look to fund the planned increase in NHS England’s budget by £20 billion by 2023.
Darren Grimes, tax partner in our Manchester office, comments: “The number of brand new taxes introduced by the Government clearly goes against their stated aim of tax simplification. Overlaying an already complex tax system with more and more rules.”
“Past and present Governments seem to be addicted to tinkering and introducing new measures – piling on the costs for businesses and individuals alike.”
“Every new tax sounds superficially attractive with admirable ends but every new tax makes the UK a harder place to do business and helping put off inward investment.”