“Hammond’s digital tax faces opposition from big tech firms”

Nov 6, 2018 | Tax

Taxing those clever, pesky Googles, Amazon and Apples, who make lots of money from us but pay us very little tax, is great in theory and a great sound bite, perish the thought. Actually doing it is another matter. As most of these companies are bigger than the economies of half the countries in the world, they can afford better lawyers than most governments. We also risk the Wrath of the Trump, one of our few potential post-Brexit trading partners as “the US hits back at the UK’s new tax on the world’s largest internet companies, arguing that the plan would set a ‘dangerous precedent’”.

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“HMRC scraps plans to tax pensions after death”

“HMRC scraps plans to tax pensions after death”

A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.

“Raising IHT threshold could cost government £6bn”

“Raising IHT threshold could cost government £6bn”

Well, the lesson of this week in politics must be to expect the unexpected. Or, alternative interpretation, to expect more of the same. The speculation on the future of Inheritance Tax has switched from abolition to a rise in the amount of wealth you can have before the 40% payment hits.