UK Introduced A 75% Tax, But No One's Ever Paid a Penny. Here's Why
Why Was It Introduced?
According to The Metro, the 2022 Finance Act introduced PIBPT to prevent large businesses specifically those with over 100 million pounds in turnover-from shifting or cashing in valuable energy contracts just before an energy supplier entered administration.
Such practices, according to HMRC, would have pushed massive costs onto the government and consumers and potentially disrupted the energy supply.
A Tax Used As A Warning
Experts believe the tax filled a gap left by slow-moving regulators like Ofgem. Dan Neidle, founder of Tax Policy Associates, called it "a weird measure" that used taxation in place of timely regulation. Others argue it was easier to introduce a tax than to get fast action from existing watchdogs.
Today's quiz. There's a tax on the UK statute book that nobody has ever paid. Not once since it was introduced.
What is it?
The prize is a lifetime subscription to the Tax Policy Associates newsletter.
— Dan Neidle (@DanNeidle) July 25, 2025
Though aimed at energy firms, the law includes provisions to extend its reach to other industries considered vital to public interest.
Why No One Ever Paid
With a steep rate of 75%, the tax was intimidating enough to work exactly as intended. No major companies crossed the asset-shifting line, and PIBPT was never triggered making it one of the most effective yet unused taxes in UK history.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Road digging without PWD nod to be banned to curb accidents: Goa CM Pramod Sawant
Porvorim: Underscoring the state's road safety crisis, chief minister Pramod Sawant said that the current road accident fatality rate exceeds that of Covid-19. 'People would stay at home for the fear of Covid-19 when one to two people lost their lives every day,' Sawant told the House. 'Now, on an average, two people die in road accidents in Goa every day.' Replying to the calling attention motion on rising accidents, the CM said that state govt will soon impose a 100% ban on road digging without prior permission from the PWD. A circular to this effect will be issued shortly, he said. The calling attention motion was moved by MLAs Vijai Sardesai, Carlos Ferreira, Viresh Borkar, Venzy Viegas, Yuri Alemao, Cruz Silva, and Altone D'Costa. The motion pointed to the rising number of fatal accidents attributed to poor road maintenance despite Supreme Court directives and state govt orders. Sawant acknowledged that nearly 50% of accidents in Goa are due to poor road conditions and signal issues, with a lack of coordination among departments being a primary reason. 'Roads repaired by one agency are often dug up soon after by another,' he said. To address this issue, Sawant said govt will recover road digging and repair costs from contractors who proceed without the PWD's permission. The chief minister also announced that utility ducts for cabling and piping works will be made mandatory during the construction of major roads, a measure aimed at preventing repeated digging. Sawant said that stress will be laid on strengthening road engineering to improve construction standards. A specialised team has been formed to identify accident-prone black spots across the state, enabling targeted interventions in high-risk areas, he said. Govt has already taken several initiatives in compliance with the guidelines of the Supreme Court Committee on Road Safety, Sawant said. He said these include the restoration of crash barriers, construction of standardised speed breakers, implementation of speed limits, installation of traffic signboards and road markings, and median plantation projects. He said show-cause notices have been issued to defaulting contractors, with rectification work being carried out at contractors' expense during the defect liability period.
Time of India
2 hours ago
- Time of India
Delhi zoo may soon increase its ticket price; Check details
From 20 paise in 1959 to a proposed Rs 100 in 2025 — ticket prices at the Delhi Zoo may soon see another hike as part of efforts to modernise the 65-year-old park. The proposed increase from the current Rs 80 to Rs 100 was discussed in a recent review meeting. However, officials clarified that the plan is still under consideration and awaits final approval. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Others MCA Design Thinking Operations Management others Cybersecurity Project Management Management CXO Artificial Intelligence Data Science Degree Data Science Public Policy MBA Product Management Finance Digital Marketing healthcare Technology Data Analytics Leadership Healthcare Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details Zoo authorities said the move aims to align Delhi Zoo's entry fees with those of other leading zoos across the country and help fund ongoing modernisation initiatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Only Classless Women Wear these Over a Certain Age Learn More Undo "In several states and even internationally, ticket prices for zoos average over Rs 100 per adult. We discussed revising the rates to Rs 100 for adults and Rs 50 for children to bring parity with other large zoos. But no file has yet been moved to the ministry," a senior official said. If approved, this would be the third hike in Delhi Zoo's entry fees in the past decade. The last revision came in 2021, when ticket prices were doubled from Rs 40 to Rs 80 after the zoo reopened post the COVID-19 pandemic. Prior to that, rates were increased in 2013 — from Rs 20 to Rs 40. Live Events Established in 1959, the Delhi Zoo initially charged just 20 paise for adults and 10 paise for children aged 5 to 12, while kids under five could enter for free. Back then, visitors could also buy a printed zoo map for 5 paise — a handy guide that doubled as a souvenir. "The old printed maps used to show the major enclosures and helped people navigate easily. It was a small token of their visit," the official added. Currently, the zoo is home to 95 species, with plans to bring in two otters from the Surat Zoo next month, reintroducing the species after a gap of over two decades. With their arrival, the total number of species at the zoo will increase to 96. Meanwhile, the zoo has witnessed a rise in footfall, with data showing over 2.46 lakh visitors in June this year. In comparison, around 1.57 lakh visitors were recorded in July 2024. The Delhi Zoo remains one of the city's most popular attractions, drawing between 8,000 and 10,000 visitors on weekends while weekday attendance ranges from 4,000 to 6,000, according to officials.
Time of India
3 hours ago
- Time of India
Delhi zoo may increase ticket prices to 100
New Delhi: The Delhi zoo is considering increasing its ticket prices from Rs 80 to Rs 100 as part of modernisation efforts and also align with other zoos in India. Officials stated that a final decision has yet to be made. The most recent ticket price hike occurred in 2021 when the entry fee was doubled from Rs 40 to Rs 80 following the zoo's reopening after the Covid-19 pandemic. Prior to that, tickets were raised in 2013 from Rs 20 to Rs 40. The Delhi zoo currently attracts between 8,000 to 10,000 visitors on weekends and 4,000 to 6,000 on weekdays. "In several states and countries across the world, the average ticket price per adult is over Rs 100. In the recent meeting, a discussion was held regarding a possible hike, which may see ticket charges increase from Rs 80 to 100," a zoo official said. The official added that the file is yet to be sent to the ministry and that only after due approval will the charges be revised. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi If approved, adult tickets will cost Rs 100 and Rs 50 for children. TNN
