Taxpayers have been billed an extra £27.9 billion since the credit crunch as a result of of new taxes, according to analysis of HMRC data.
National accountancy firm UHY Hacker Young says that eight new taxes have been introduced since 2008/09, adding 25% to the total number of taxes collected by HMRC.
These new taxes include the bank surcharge, which imposes an 8% corporation tax surcharge on the profits of banking companies above £25 million; a diverted profits tax to fight against tax avoidance schemes by multinational companies; and the government’s recent sugar tax on soft drinks.
Darren Grimes, tax partner at UHY Hacker Young, says: “The number of brand-new taxes introduced by the government clearly goes against their stated aim of tax simplification, overlaying an already complex tax system with more and more rules.”
“Past and present governments seem to be addicted to tinkering and introducing new measures, piling on the costs for businesses and individuals alike.”
“Every new tax sounds superficially attractive with admirable ends, but every new tax makes the UK a harder place to do business and helping put off inward investment.”