Tax

The UK's top 1% of taxpayers were responsible for approximately one-third of all income tax and capital gains tax (CGT) collected last year, according to new figures from HMRC.

Company directors and shareholders face new mandatory reporting requirements for declaring dividends from profits for owner-managed and family-run ‘close’ companies. Failure to comply will incur a £60 fine for each failure to disclose in the tax return.

Chancellor Rachel Reeves is facing mounting pressure to rule out a wealth tax in the upcoming Autumn Budget, following new research estimating such a levy could drive £100 billion of assets out of the UK.

The vast contribution of quarried construction materials to the Scottish economy has been highlighted in the findings of a new study published this week. In the first report of its kind, The Economic Contribution of Primary Aggregates in Scotland reveals the scale and strategic importance of the qua

Chancellor Rachel Reeves has publicly revealed for the first time that the UK government is considering tax hikes and spending cuts in the upcoming Budget to address a significant fiscal hole. In a Sky News interview, the Chancellor confirmed she would not "duck" difficult decisions to ensure the pu

A sharp decline in the number of Scottish SMEs making R&D (research & development) tax relief claims has prompted a leading R&D Tax Relief specialist to warn that businesses should use the valuable R&D Tax Claims relief – or lose it. Gemma Monaghan, a partner and head of R&

HM Revenue & Customs' (HMRC) sophisticated "big data" system, known as Connect, has been credited with generating an additional £4.6 billion in tax revenue during the 2024-25 financial year. This figure, revealed in a freedom of information request made by Pinsent Masons, represents a 35%

With a projected £50 billion shortfall in public finances and a pledge not to raise income tax, national insurance or VAT, speculation is mounting that Chancellor Rachel Reeves may turn again to Inheritance Tax (IHT) reform when she makes her autumn budget statement on 26 November, writes Emma

Inheritance tax (IHT) is on course for a record-breaking year, with HM Revenue & Customs (HMRC) collecting £3.7 billion in the first five months of the 2025/26 tax year – around £200 million more than the same period last year.

Family-owned businesses in Scotland face increased challenges in the coming months, as the clock ticks down to "seismic" tax changes in April 2026. According to figures from BDO LLP, more than three quarters of Scottish businesses (78%) say they will be impacted by changes to Business Relief for Inh

Business owners are at risk of being fined for incorrect Capital Gains Tax payments due to an issue with HMRC’s software, a tax specialist has warned. John Kean, a private client tax partner based in the Edinburgh office of Azets, is urging business owners to review their tax returns for the l

Chancellor Rachel Reeves has authorised new rules requiring banks to collect National Insurance (NI) numbers from customers with savings accounts. This measure aims to help HM Revenue & Customs (HMRC) more effectively identify and tax savers who earn interest above their personal savings allowan

The Scottish Government’s decision to align the newly devolved Scottish Aggregates Tax (SAT) with the UK Aggregates Levy for 2026–27 has been welcomed by the Mineral Products Association Scotland (MPAS). Representing Scotland’s producers of essential rock, gravel and sand for const

Chancellor Rachel Reeves should revisit abandoned proposals from the defunct Office of Tax Simplification (OTS) to simplify the UK’s complicated tax system and unlock greater yield – without further damaging business confidence or deterring investment – according to Azets. In light

Reform UK leader Nigel Farage has unveiled a controversial tax policy aimed at attracting wealthy non-domiciled individuals back to the UK. The proposal would allow new or returning non-doms to pay a one-off fee of £250,000 to gain a stable, indefinite tax regime on offshore income and a 20-ye