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We investigate the real-world impact of the UK tax and legal system, expose avoidance and abuse, and propose practical reforms.

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The Budget – what it says
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mansion tax map: wh The mansion tax map: where the money comes from Budget 2025 tax calculator Budget 2025 tax calculator – see how your tax rate could change Why the rich paid less tax in the 1970s Why the rich paid less tax in the 1970s – despite 98% tax rates Betting on tax avoidance Betting on tax avoidance – is Sky Bet avoiding £55m tax per year? – Tax Policy Associates Budget small print: si The Budget small print: six key reforms to watch
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Nov 27, 2025 Analysis

The mansion tax map: where the money comes from

We’ve modelled the impact of the English “mansion tax” by analysing land registry data on every property transaction since 1995. This lets us estimate how much each postcode and Parliamentary constituency will pay. It’s an approximate and lower-bound estimate – see methodology details below. As property taxes are devolved, there’s currently no mansion tax in […]
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Nov 26, 2025 Analysis

The Budget – what it says

Here’s our summary of the Budget and a quick take on what the various measures are likely to mean. (The first draft of this article appeared unusually early, thanks to the OBR accidentally publishing their assessment of the Budget about half an hour before the Chancellor started her speech.) Key elements It’s all about fiscal […]
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Nov 26, 2025 Analysis

The Budget small print: six key reforms to watch

Most of the attention during and after the Budget will be on the big tax-raising measures. But there are an unusual number of important other items, which appear technical, but will impact everyone from billionaire non-doms to the poorest people in the country. None of these items are likely to be mentioned in the Budget […]
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Nov 24, 2025 Analysis

Has council tax really gone up? The evidence.

Council tax is unpopular, not least to a perception that it’s relentlessly going up. But is that true? If we take inflation out of the numbers, and express everything in today’s money, has council tax actually gone up? Did council tax bills go up? Here’s the average Band D council tax for England, Wales and […]
Hestview Limited Notes to the financial statements 23. Events after the balance sheet date (continued) Concurrently, on 7 August 2025 the Group entered into Fourth Incremental Assumption Agreement (the “Fourth incremental Assumption Agreement”) further amending its existing Credit Agreement dated November 24, 2023. This amendment pravided for an additional $500 million of Term Loan B borrowings (the “Fourth. Incremental Term 8 Loans”), which: * mature on 4 June 2032; ¢ bear interest, at the Borrower's option, at either (i) Adjusted Term SOFR + 2.00% (subject to a 0. 50% floor) or (ii) ABR + 1.00% (subject to a 1.00% ABR floor); and, * require quarterly amortization of 0.25% of the original principal amount, with the remaining batance due at maturity. The aggregate principal amount available under the revolving credit facility under the Credit Agreement also increased by £50 mittion. The Notes, the Third Incremental Term B Loans and the Fourth Incremental Term B Loans are guaranteed on a-senior secured basis by the Company and other guarantors (together “the Guarantors}, who are also the Guarantors of the existing notes and the credit facilities of the Group as on 31 December 2024. - : N Ouring 2025, as part of a strategic initiative, it was annourg€d the Campany’s sportsbettirm™ would transfer to a newly established fellow Group compagy, SBG Sports (Malta) Limited. Fo will provide support services and licence intellectual propereio fellow Group companies. trading activities will decrease from 2026 onwards. gperations under the Skybet brand owing this transfer, the Company nagement expects the Company's The Directors are not aware of any other matter or circumstance occurring since 31 December 2024 up to the date of these financial statements that has significantly or may significantly affect the operations of the Company, the results. of those nneratiane or the ctatre af affaire af tho Caomnany in cuhcequent financial vears
Nov 18, 2025 Investigations

Betting on tax avoidance – is Sky Bet avoiding £55m tax per year?

ITV News has just broadcast an investigation: gambling company Sky Bet has migrated its business to Malta to avoid around £55m of tax each year. We provided technical support for the investigation, and this report goes into further detail of what precisely Sky Bet has done. Sky Bet provides a vague explanation of why they […]
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Nov 12, 2025 Policy

The Budget 2025 tax calculator

This online calculator calculates your tax on employment, self-employed or partnership income, and shows how it changes under a variety of Budget proposals. It charts the marginal and effective tax rate at all income levels, and shows where you fall on that chart. Now updated for the actual Budget, with rates for 2026/27 rates and […]
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