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News Report Page 9 of 14
Publication Date:-
2021-09-19
News reports located on this page = 2.

Tax gap remains low at 5.3%

THE tax gap for the 2019/20 tax year has remained low at 5.3% statistics published by HM Revenue and Customs (HMRC) have revealed. The annual Measuring Tax Gaps publication estimates the difference between the total amount of tax expected to be paid and the total amount of tax actually paid during the financial year. The majority of taxpayers pay the tax that is owed. This year's estimated tax gap at 5.3% represents ₤35 billion compared to 5% in the 2018/19 tax year, which represents ₤33 billion in monetary terms. Nearly 95% of the tax due was paid in 2019/20 and HMRC has seen an increase in total revenue paid year on year. Taxpayers paid more than ₤633.4 billion in tax during 2019 to 2020. This highlights how the vast majority of taxpayers are paying the correct amount of tax, which is essential to fund vital public services. Jim Harra, HMRC's Chief Executive and 1st Permanent Secretary, said:- "It is encouraging to see such a large proportion of businesses and individuals meeting their tax obligations. We want to help everyone get their tax right, which will help fund our vital public services like the NHS and emergency services."

Findings from the Measuring Tax Gaps bulletin show:-


There has been a long term reduction in the overall tax gap, falling from 7.5% in 2005/06 to 5.3% in 2019/20, with the tax gap remaining low and fairly stable for the 4th year.

The total tax gap for Value Added Tax (VAT) is ₤12.3 billion. The statistics show there has been a long term reduction for the VAT gap from 14.0% in 2005/06 to 8.4% in 2019/20.

43% (₤15.1 billion) of the tax gap is attributed to small businesses, whereas wealthy customers and individuals account for the smallest share of the tax gap at 4% (₤1.5 billion) and 7% (₤2.6 billion) respectively.

The tax gap for wealthy individuals fell from ₤1.6 billion in 2018/19 to ₤1.5 billion in 2019/20.

'Failure to take reasonable care' accounts for the largest proportion of the tax gap at 19% (₤6.7 billion), whereas avoidance accounts for the smallest proportion of the tax gap at 4% (₤1.5 billion)

The Inheritance Tax gap has decreased from an estimated ₤425 million (7.4%) in 2018/19 to ₤350 million (6.3%) in 2019/20

These statistics show the tax gap for 2019/20. Any impact of the Covid19 lockdown and economic downturn on the tax gap is likely to be 1st seen in the tax year 2020/21, which will be published in next year's Measuring Tax Gaps publication.

HMRC publishes the tax gap because it believes it is important to be transparent in its work. HMRC is 1 of only 2 revenue authorities in the world that measures and publishes the tax gap, covering both direct and indirect taxes, every year. To improve transparency, HMRC has published an uncertainty rating for each component of the tax gap for the 1st time.

Each year, HMRC estimates the tax gap for direct and indirect taxes based on the latest available information. HMRC may revise previous years' tax gaps as more data becomes available, in order to show the long term trend.
 


Gove's 1st levelling up test 50% of young people leaving the coast

COASTAL communities are set to lose at least 49% of their young people, with the majority of 18 to 24 year olds already planning on moving away. Jobs were cited as the overwhelming reason with 70% saying they would be more likely to stay if the right career opportunities were made available. The poll, commissioned by Maritime UK and conducted by Survation, also revealed the majority (46%) of young people are yet to see evidence of new investment, or improvement in living standards, despite Government's levelling up agenda.

Maritime UK and the Local Government Association Coastal Special Interest Group (LGA Coastal SIG) have urged Gove, on day 1 in his new job as levelling up lead, to come up with a coherent plan for the coast, through the launch of a new Coastal Powerhouse manifesto. The document sets out proposals to boost connectivity to the rest of the country, extend freeports benefits to all coastal areas, install a shore power network across the coast to charge tomorrow's Teslas of the seas and develop new skills in coastal communities, including digital skills.

Ben Murray, chief executive of Maritime UK, said:- "Today's polling should come as a stark warning to Michael Gove, who must prioritise coastal communities from day one in the job to make levelling up a success. As our Coastal Powerhouse manifesto shows, there is a real opportunity to make a difference for people in these areas. But with the majority of young people already planning on leaving the coast behind, the Minister has no time to waste. The most important test now for Gove is whether he can bring coastal communities away from the periphery of our economy, and back to where they belong; right at its very centre."

Maritime UK chair, Sarah Kenny, added:- "Almost ˝ of our coastal communities' young are being driven away from their home Towns through lack of jobs, and unless Government comes up with a plan, more are likely to follow. There is nothing inevitable about coastal decline. These areas are Britain's gateway to the world, and can have a high tech, high skilled future as the engine room of our green industrial revolution. Our industry invests and creates quality jobs in coastal areas, and we are ambitious to do more, but we need the right policies and backing to unleash our full potential."

The survey also highlighted the impact of Coronavirus across the coast with 31% saying the Pandemic had a negative impact on their career. Of those, 21% were furloughed, 19% said they had lost their jobs altogether and 24% said their pay had been reduced. These findings come after the Chief Medical Officer, Chris Whitty, found English coastal Towns have some of the country's worst health, and urged for Government investment in areas that included jobs and transport.

LGA Coastal SIG chair, Cllr Ernest Gibson, said:- "The UK coast has been a haven for millions this summer, but for the people living there it is a very different story. Our coastal communities have been amongst the hardest hit by the Pandemic and without urgent intervention they stand to fall even further behind. Councils are doing their best to prevent this from happening, but we need Government to recognise that the challenges at the coast are unique and that a specific coastal plan and taskforce are urgently required. Together with Maritime UK, we are keen to work with Government to turn this Coastal Powerhouse vision into reality."

The Coastal Powerhouse manifesto calls on Government to ensure the coast is a central part of infrastructure planning, to attract inward investment through reduced congestion. Rail freight and green coastal shipping are identified as significant growth areas which could decarbonize the supply chain and increase connectivity with the rest of the country.

The policy document also urges investment in shore power, a proven technology enabling vessels to turn off their engines at berth in ports and providing the infrastructure to charge tomorrow's electric vessels. While the vast majority of the world's major economies have multiple, the UK does not yet have 1 in operation.

The manifesto underscores the opportunity of offshore energy growth, with coastal areas uniquely positioned to play a leading role in the UK's net zero transition, from nearby yards building green servicing ships for these wind farms and those across the globe, and leading the way on future industries, such as floating wind turbines.

To date, coastal regeneration funding has overwhelmingly focused on heritage, recreational and arts projects, rather than the action required to generate higher wages and higher skill jobs. Most recently, only 4 of the 44 projects announced in the latest round of the Coastal Revival Fund in 2018 to 2019 could be described as:- 'business.'  Whereas industries like maritime, which has a long heritage across Britain's coast, is still urging Government for ₤1billion co-investment to kickstart a decarbonisation programme, similar to the support other major economies' Governments are providing to their domestic industries. It's been found that ₤1 billion co-investment would create 73,000 maritime jobs. Industry roles pay ₤9,000 more than the national average per year, and for every ₤1 generated by the sector, a total ₤2.71 is generated across the UK economy.  The manifesto is being launched on day 4 of London International Shipping Week, which has seen global industry leaders converge on the City across more than 100 events, to chart the sector's future as well promote Britain's place as the world's natural home for maritime.
 

 
      
 
   
 
 
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