redacted tax return
Jun 26, 2026 Analysis

The Palace’s fake tax transparency — and the Prince of Wales’ real tax problem

The Royal Household has, for the first time, disclosed how much voluntary “tax” the King pays: £12.9m for 2024/25, £11.7m for 2023/24, and a little over £5.4m for the six months of 2022/23 in which he was King. The documents also continue the practice of disclosing the Prince of Wales’ tax: £7.76m for 2024/25, £8.34m […]
CGT over time - the chart looks like someone having a heart attaack
Jun 18, 2026 Policy

The history of UK capital gains tax in five charts

This article looks at the history of UK capital gains tax, and how revenues have changed when the rate and rules changed. There’s a separate article on reforming CGT here. The chart at the top of this page shows what happens if you plot UK capital gains tax revenues as a % of GDP since […]
Who benefits from the VAT cut? Micro up to 9 employees Small £1,900m 10-49 employees £2,280m McDonald's £432m Mitchells & Butlers ee 248m aE Whitbread £238m Medium —— soo King 50-249 employees Ss Wetherspoon £1,470m Ps WS £194m Other larg 250+ employees £2,014m Compass KFC Stonegate Domino's Uber Eats fees Nando's Deliveroo fees Just Eat fees IHG hotels Greggs Marriott hotels Accor hotels @ Hilton hotels
Jun 12, 2026 Policy

The £12bn VAT cut for hospitality. Who really benefits?

The hospitality industry is lobbying for a VAT cut from 20% to 10%. The political case is simple and compelling: save pubs, restaurants, cafés and hotels; protect jobs; save high streets. The campaign says it’s self-funding and pro-growth. The reality is different. It’s a hugely expensive subsidy, likely costing more than £12bn a year. 45% […]
Telegraph headline: Chancellor’s stamp duty raid backfires as sales slump
Jun 9, 2026 Policy

Why do we still have stamp duty?

The Housing select committee has said stamp duty does economic damage and should be reformed. The Telegraph says the stamp duty increase last year “backfired”: transactions slumped, and receipts fell with them. I wish that was right, because there would then be an easy argument to reverse the increase, and even abolish the tax. But […]
A crowd of people
Jun 5, 2026 Policy

Has Britain run out of “other people” to tax?

British politics has spent a generation avoiding the same uncomfortable question: what if the government people want costs more than most voters are willing to pay? The answer, from Labour and the Conservatives alike, has been to tax “other people”. Higher earners. Banks. People with capital gains, second homes, large pensions, non-dom status, inherited wealth […]
Humble address
Jun 1, 2026 Analysis

Search the Mandelson Government documents

At 2.30pm today, the Government published a series of documents relating to the appointment of Peter Mandelson as His Majesty’s Ambassador to Washington. This is in the form of three PDF files, each with multiple messages, and about 1,500 pages in total. It’s not very easy to navigate through – we’ve created a simple search […]
Chart showing France has far more taxes than any other developed country; Germany has the least of any large country; the UK is in the middle
May 30, 2026 Policy

The UK has 90 different taxes. France has 348. Germany has 60. Why?

The UK has 90 different taxes – more than at any time since 1834. France, on the other hand, has 348. But Germany, which has overall levels of tax closer to France than the UK, has only 60. Why is that? And are there lessons for the UK? This is the third in a series. […]
A History of Tax
May 29, 2026 Policy

Why does Britain have more taxes than at any time since 1834?

Tax in the UK is the highest it’s been since 1945. That’s well understood – but another trend has been largely missed: the number of taxes in the UK is at its highest since the end of the Napoleonic Wars. Back then, the Government was fighting France and building the modern state. Afterwards, and over […]
The structure allegedly used by Robert Venables, KC
May 29, 2026 Analysis

The Venables prosecution

As we reported last year, Robert Venables KC is being prosecuted for tax evasion in respect of his own tax planning arrangements. This is the prosecution’s opening note. It includes details of Mr Venables’ tax arrangements, how HMRC started to investigate those arrangements in 2019, and how that became a criminal prosecution. Court blogger Mouse […]

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