The UK Government has taken an £27.9 billion from taxpayers since the credit crunch through the introduction of brand new taxes, shows research by UHY Hacker Young, the national accountancy group.
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.
UHY Hacker Young explains that 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
UHY Hacker Young adds that 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 at UHY Hacker Young, 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.”
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