Business > Economy

The UK's $39 billion tax gap has left a 'financial black hole' for its already-battered economy

1 month ago   |   By Business Insider

The UK's tax gap, which shows the balance between the amount of tax expected and actually paid, fell to a five-year low of $39 billion in the year 2018-19, official data showed.
The UK's revenue department collected a total of £628 billion in that year, making up about 95% of the tax expected by authorities.
But any impact from the Covid-19 outbreak on the tax gap will likely only be seen in 2020-21.
Adding to the economy's woes, "a financial black hole of £31 billion remains eye-watering by any standards," a senior analyst at AJ Bell said.
Visit Business Insider's homepage for more...
Read more ...

 

The UK's $39 billion tax gap has left a 'financial black hole' for its already-battered economy

The UK's $39 billion tax gap has left a 'financial black hole' for its already-battered economy

1 month ago   |   By Business Insider

The UK's tax gap, which shows the balance between the amount of tax expected and actually paid, fell to a five-year low of $39 billion in the year 2018-19, official data showed.
The UK's revenue department collected a total of £628 billion in that year, making up about 95% of the tax expected by authorities.
But any impact from the Covid-19 outbreak on the tax gap will likely only be seen in 2020-21.
Adding to the economy's woes, "a financial black hole of £31 billion remains eye-watering by any standards," a senior analyst at AJ Bell said.
Visit Business Insider's homepage for more...
Read more ...

 


Search by Tags

   Economy  


Why Trump's WeChat ban scares U.S. companies more than his TikTok crackdown

Why Trump's WeChat ban scares U.S. companies more than his TikTok crackdown

Last week, U.S. President Donald Trump signed a pair of executive orders banning the apps WeChat and TikTok from the U.S., arguing that the Chinese-owned apps pose a national... Read more ...

Donald and Melania Trump requested mail-in ballots for elections in Florida...

Donald and Melania Trump requested mail-in ballots for elections in Florida, despite Trump's insistence the system is rigged

President Donald Trump and First Lady Melania Trump requested mail-in ballots for Tuesday's primary election in Florida, according to CNN and USA Today . But Trump has railed... Read more ...

TikTok ban gets extended to 90 days with new executive order

TikTok ban gets extended to 90 days with new executive order

TikTok survives in the United States for little longer. What you need to know Trump has issued a new executive order concerning TikTok. The new order forces ByteDance to divest... Read more ...

Facebook is calling Apple out for refusing to reduce its 30% App Store fee...

Facebook is calling Apple out for refusing to reduce its 30% App Store fee for a new Facebook feature that could help small business owners during the pandemic

Facebook said Apple refused to reduce its App Store fee for the social network's new paid feature that could help small business owners during the pandemic. Facebook executive... Read more ...

Kamala Harris has been called too ambitious to be Joe Biden's VP. But Tim...

Kamala Harris has been called too ambitious to be Joe Biden's VP. But Tim Kaine, who was Hillary Clinton's running mate in 2016, says no one would think that about a male candidate

Virginia Democratic Sen. Tim Kaine doesn't recall anyone calling him too ambitious or discussing his clothes or looks when he was Hillary Clinton's VP pick four years... Read more ...

Trump signals willingness to compromise on USPS funding

Trump signals willingness to compromise on USPS funding

President Donald Trump suggested Friday that he would be open to approving additional funding for the U.S. Postal Service if congressional Democrats agree to his legislative... Read more ...

Obama slams Trump's attacks on the Postal Service, says the current...

Obama slams Trump's attacks on the Postal Service, says the current administration is 'more concerned with suppressing the vote than suppressing a virus'

Former President Barack Obama on Friday accused President Donald Trump of attempting to suppress the vote with his recent attacks on the US Postal Service. Trump this week said... Read more ...

Government watchdog says Trump's acting Homeland Security chief is not...

Government watchdog says Trump's acting Homeland Security chief is not legally eligible to serve in the role

Acting Homeland Security chief Chad Wolf and acting deputy secretary Ken Cuccinelli are legally ineligible to serve in their current roles, a government watchdog has... Read more ...

Trump's younger brother, Robert, is hospitalized in New York

Trump's younger brother, Robert, is hospitalized in New York

WASHINGTON - President Donald Trump's younger brother, Robert Trump, has been hospitalized in New York, according to the White House. The president is expected to visit his... Read more ...

Billionaire Trump donor Stephen Ross is reportedly raising $100 million for...

Billionaire Trump donor Stephen Ross is reportedly raising $100 million for the next NYC mayoral race, and teaming with Mike Bloomberg's old deputy

New York billionaire Stephen Ross is considering raising $100 million to garner support for a candidate of his choosing in the city's next mayoral race, and a major partner in... Read more ...