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Gambling sector faces tax blow
Stella David, the chief executive of Entain, says the gambling sector is facing a significant challenge due to a near doubling of the Remote Gaming Duty to 40%. This tax increase, she warns, threatens regulated operators, adding: “As regulated firms are forced to retreat, the vacuum is being filled by a mushrooming black market, sometimes…
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Couples missing out on £1,260 tax relief
Analysis shows that around 2m married couples are missing out on the Marriage Allowance, which offers tax relief of up to £252 annually. This allowance can be backdated for four years, potentially yielding a rebate of £1,260. To qualify, one partner must earn below £12,570, while the other must be a basic rate taxpayer. Laura…
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Bank of England warns of ‘overlapping’ financial shocks
The Bank of England has warned of increasing risks to the financial system due to ongoing market volatility and the Middle East conflict. The Bank’s Financial Policy Committee said the conflict was “likely to interact with vulnerabilities” in the UK economy, adding that while the financial system has been “resilient so far… the shock will…
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Hospitality sector faces tax hike hit
Two-thirds of hospitality businesses may cut jobs due to significant tax increases, according to a survey of over 20,000 firms. The changes, including higher minimum wage rates and increased business rates, will add £1.4bn annually to costs. Many firms plan to cancel investments and reduce trading hours. It was shown that 64% plan to cut…
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Pension triple lock under threat as birth rates plummet
The Resolution Foundation has warned that the triple lock on state pensions is becoming increasingly unaffordable and should be abolished. The think-tank says Britain’s declining birth rate has led to a shortage of future taxpayers. Currently, the state pension rises with the highest of inflation, wage growth, or 2.5%, but analysts say this model is…
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IRS invites input for 2026–27 priority guidance plan
The Treasury Department and the IRS are requesting stakeholder recommendations for the 2026-2027 Priority Guidance Plan, which will address key tax issues through various forms of administrative guidance. The IRS emphasized the importance of public input, saying: “Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the…
