A British fisherman was sentenced to 14 months in prison for tax evasion. David McHale, who works as a self-employed fisherman in Scotland, avoided paying a tax of over £40,000, admitting to a fraudulent scheme that allowed him to evade payment.
In the UK, it is estimated that over 30 percent of self-assessment taxpayers – those that file their taxes themselves as opposed to having an accountant doing it on their behalf – underpay their taxes.
Does Queen Elizabeth pay tax? It’s a question that has been getting quite a lot of attention recently – particularly given the Queen’s name in the recently released Paradise Papers give rise to allegations of tax avoidance.
President Trump’s tax plan, which recently passed in both the House of Representatives and the Senate, is an attempt to encourage investment and spur job growth.
On Nov. 17, the U.S. House of Representatives voted to overhaul the U.S. tax code. The vote – which largely went along party lines – has a number of far-reaching consequences, notably for graduate students.
The average British family paid about £25,000 in taxes in 2016 – up from £15,000 in 2015. Over a lifetime, that works out to be roughly £823,439 per household.
According to Netflix’s latest UK filings, the video-streaming service saw close to a 40 percent decrease in its UK tax bill from 2015 to 2016 – and it seemingly paid taxes on just a small fraction of its total UK revenues.
In an effort to reduce rates of childhood obesity and raise additional revenue, the UK government passed draft legislation this past spring adding a tax to sugary drinks.
Why didn’t the new Duke of Westminster have to pay any inheritance tax? It turns out that the vast majority of his inheritance was passed down via family trusts, which still fall outside the scope of inheritance tax rules in the UK.
The International Monetary Fund (IMF) offered a blunt message to international policymakers in advance of its annual meeting earlier this month: By cutting taxes for the wealthy, politicians are jeopardizing economic growth globally and undermining prosperity.