News
Danny McCance 9 Jul 2018 09:53am

UK paid £27.9bn in new taxes since financial crash

Since the 2008 financial crash the government has introduced eight new major taxes , which have yielded £27.9bn

The additions mean the government now collects 36 major taxes, according to research from UHY Hacker Young.

The taxes introduced since 2008 and 2009 include the apprenticeship levy, the bank levy, the bank surcharge, diverted profits tax, bank payroll tax, annual tax on enveloped dwellings, Swiss capital tax and most recently the sugar tax.

“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,” said Darren Grimes, tax partner at UHY Hacker Young.

He says that governments, both past and present, have an addiction to adding new measures, which in turn increase costs for businesses and the individual.

“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,” Grimes said.

The period also saw a 25% increase in the number of major tax cases, while tax evasion cases have risen by 18% in the last year.

In January, research found that SMEs are paying a higher effective rate of corporation tax than their big business counterparts, and research last year found that the UK tax burden is set to rise to the highest level since 1986.
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