Monday, March 19, 2007

99 Tax Rises

Gordon Brown is due to set his 11th Budget on Wednesday.

If he remains true to form we can expect to set to see his 100th tax rise.

Since 1997 Gordon Brown has raised tax 99 times, mostly by stealth. Here is a list of all the tax hikes he has imposed over the years.

1. Mortgage interest relief cut
2. Pensions tax (payable tax credits abolished)
3. Health insurance taxed (income tax relief abolished)
4. Health insurance taxed again (IPT)
5. Fuel tax escalator up
6. Vehicle Excise Duty up
7. Tobacco duty escalator up
8. Stamp duty up for properties over £250,000
9. Limit carry back of trading losses to one year
10. Dividends on trading assets
11. Taxation of finance leasing
12. New Windfall Tax on utilities
13. Futures and options
14. VAT: cash accounting scheme
15. Married couple’s allowance cut
16. Tax on travel insurance up
17. Tax on casinos and gaming machines up
18. Fuel tax escalator brought forward
19. Tax on company cars up
20. Tax relief for foreign earnings abolished
21. Tax concession for certain professions abolished
22. Capital Gains Tax imposed on certain non-residents
23. Reinvestment relief restricted
24. Corporation Tax payments brought forward and ACT abolished
25. Higher stamp duty rates up
26. Some hydrocarbon duties up
27. Additional diesel duties
28. Landfill Tax up
29. Exceptional increase in tobacco and alcohol duties
30. Amendments to offshore trusts
31. VAT: fuel scale charges
32. NIC earnings limit raised
33. NICs for self-employed up
34. Married Couple’s Allowance abolished
35. Mortgage tax relief abolished
36. IR35: Taxation of personal services companies
37. Company car business mileage allowances restricted
38. Tobacco duty escalator brought forward
39. Insurance Premium Tax up
40. Vocational Training Relief abolished
41. Employer NICs extended to all benefits in kind
42. VAT on some banking services up
43. Premiums paid to tenants by landlords taxed
44. Duty on minor oils up
45. Vehicle Excise Duties for lorries up
46. Landfill tax escalator introduced
47. Higher rates of stamp duty up again
48. Capital gains on sale of companies
49. Controlled Foreign Companies: taxation of dividends
50. Tobacco duties up
51. Higher rates of stamp duty up again
52. Extra taxation of life assurance companies
53. Rules on Controlled Foreign Companies extended
54. Aggregates levy increased
55. Changes to double taxation relief
56. Rent factoring
57. Capital gains tax: use of trusts and offshore companies
58. VAT: capital asset disposals
59. Controlled foreign companies regime
60. Personal allowances frozen
61. National Insurance threshold frozen
62. NICs for employers up
63. NICs for employees up
64. NICs for self-employed up
65. North Sea taxation up
66. Tax on some alcoholic drinks up
67. New stamp duty regime
68. New rules on loan relationships
69. Taxation of foreign company UK branches
70. VAT on electronically supplied services
71. IR35 applied to domestic workers
72. Betting duty change
73. Tax on red diesel and fuel oil up
74. Controlled Foreign Companies measures on Ireland
75. Vehicle excise duty up
76. VAT: on continuous supplies
77. VAT: on privately operated tolls
78. Treatment of options for the purposes of tax on chargeable gains
79. Landfill tax increased
80. Minimum 19% tax rate on distributed profits
81. Transfer pricing and thin capitalisation
82. Increase in rate of tax on trusts
83. Increase in tax on red diesel fuel
84. Increase in tax on other road fuels (including LPG)
85. VAT: transfers of going concern
86. Insurance premium tax: Changes to GAP insurance
87. Taxation of life companies
88. Foreign earnings deduction for seafarers
89. Construction industry scheme
90. Stamp duty land tax: ending commercial disadvantaged areas relief
91. Increase in North Sea corporation tax
92. Further increase in tax on red diesel
93. Increase in taxation of leasing
94. Company car tax up
95. Further changes to oil valuation for tax purposes
96. Stamp duty land tax: ending relief for initial transfers into unit trusts
97. Removal of income tax exemption for loaned computers
98. North Sea Oil tax increased
99. Air Passenger Duty doubled

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