Latest news with #corporationtax
The Sun
5 days ago
- Business
- The Sun
Ex-boxer David Haye in fight with taxman over £600k in unpaid debts as he faces court in bid to make him cough up
FORMER boxing world champ David Haye faces a KO by the taxman after being accused of failing to pay almost £600,000 in debts. HMRC has taken the fighter, also famous for being in a throuple with model Sian Osbourne, 33, and former Saturdays singer Una Healy, to court in a bid to force him to cough up the six-figure sum. 3 3 3 Former heavyweight and cruiserweight king David, 44, nicknamed The Hayemaker, has built up the huge debt after failing to settle corporation tax bills covering three years, from 2010 to 2013. In that period, he won several big money-fights, as well as suffering a world title defeat to Wladimir Klitschko. HMRC won a hearing at the county court in London to probe his firm, Hayemaker Boxing Ltd. Official court papers reveal HMRC believes the firm deliberately tried to avoid tax. A restoration order document ays: 'It is alleged that the company's profits were deliberately understated.' Haye also faces interest payments and penalty fines. business empire has fallen apart. In April 2023, it was revealed two of his firms had gone bust owing over half a million pounds. His sports firm, The Undercard London, is £280,400 in debt and faces closure Another of his companies, Rapport Film Ltd, was dissolved on June 10. I rushed into David Haye 'throuple' after feeling pressure to find love after my divorce, Una Healey admits The fighter, who has additional debts, is these days known more for his love life than antics in the ring. Famously, David and girlfriend Sian opened up about their relationship with Una in 2023, although the singer denied a romantic relationship. Last year, David and Sian advertised they were on the lookout for a new female for another throuple, with him placing a racy ad on dating app Raya. In the profile, David called Sian 'stunning' and suggested potential ladies search for her online, before warning them he is a 'selfish p***k'. David has been dating Sian since 2020. He was also in a relationship with 2012 I'm A Celebrity co-star and former Corrie actress Helen Flanagan.
Irish Times
7 days ago
- Business
- Irish Times
Ireland on course for record tax year despite US tariff threat
The State remains on course for another record tax year despite the threat from US tariffs. According to the latest exchequer returns, tax receipts for the year to the end of July came to €58 billion. This was €5.6 billion or 11 per cent up on last year's record total at the same stage. The strong out-turn was again driven by corporation tax receipts which came to €1.2 billion in July, up nearly €900 million on the same month last year. READ MORE On a cumulative basis, receipts from the business tax came to €16 billion for the seven-month period, up by €3.5 billion year on year. [ Tax and spending package of €9.4bn to form basis of Budget 2026 Opens in new window ] However, the latest exchequer data published by the Department of Finance point to a worrying rise in spending. Total voted expenditure for the period amounted to €60.5 billion, which was €4.8 billion or 8.6 per cent ahead of the same period in 2024. The figures come on the back of warnings from the Irish Fiscal Advisory Council (Ifac) that Government budget policy has 'lost its anchor' with spending on a potentially unsustainable trajectory. The budgetary watchdog said overruns in day-to-day spending are likely to top €2 billion this year. The exchequer figures show that on a cumulative basis, income tax receipts to the end of July came to €20.3 billion, up nearly 4 per cent on the same period last year, which reflects the strength of the State's labour market. VAT receipts in July, which is a VAT-due month, were up marginally at €3.3 billion. Receipts from the sales tax for the seven months came in at €14.8 billion, up 4.8 per cent year on year.
Yahoo
24-07-2025
- Business
- Yahoo
Soaring corporation tax costs may deter foreign investment in UK: Lubbock Fine
Lubbock Fine, a chartered accountant practice, has issued a warning concerning the escalating costs of corporation tax for UK businesses, which have now reached an all-time high of £92.1bn. The latest HM Revenue and Customs (HMRC) data reveals that corporation tax receipts for the year ending 30 June 2025 have risen by 5% from the previous year. This increase follows the UK Government's decision to raise the corporation tax rate from 19% to 25% in April 2023. Lubbock Fine points to this tax hike as a possible factor in the subsequent decline in foreign direct investment (FDI) into the UK. According to the company's analysis, the number of FDI projects has diminished by 17% over a two-year period, falling to 1,375 in 2024/25 from 1,654 in 2022/23. This downturn in investment activity has also led to a 13% reduction in the number of new jobs created by FDI, with figures declining from 79,500 to 69,300. Lubbock Fine partner and the company's German Desk head Alex Altmann said: 'Corporation tax and taxes on businesses generally are becoming an ever-larger slice of the UK tax base – but at what cost to the economy?' 'Record corporation tax receipts may look like a win for the Treasury, but they risk putting long-term growth and job creation in jeopardy. 'Lower business tax rates were once one of the UK's key competitive advantages over other European economies – but that edge has now largely disappeared. 'Countries like the US and France have been cutting their corporate tax rates while the UK has been raising them. This makes the UK a less attractive destination for international businesses weighing where to expand next. 'The UK needs to remain globally competitive. Higher taxes on businesses reduce the incentive for overseas companies to set up shop here. With job creation from foreign investment already falling, the link between rising tax rates and slowing inward investment is becoming harder to ignore.' "Soaring corporation tax costs may deter foreign investment in UK: Lubbock Fine " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Irish Times
22-07-2025
- Business
- Irish Times
Paranormal Ireland: a rich country reliant on ghostly apparitions of magic money
Contemporary Ireland is best thought of as a paranormal state. The paranormal is that which is 'analogous or parallel to, but separate from or going beyond' known reality. The principle site of paranormal activity in Ireland is not some haunted castle or spooky seance. It is the Government coffers. We have a fiscal policy and a parafiscal one – a ghostly exchequer parallel to the known reality of the Irish economy. By the end of this year, the State will have taken in roughly €186 billion in corporation taxes over the last decade. In many ways, the story of contemporary Ireland is encapsulated in the astonishing growth in the share of overall tax revenue contributed by corporation tax. In 1984, it was just 4 per cent. By 2014, it had almost tripled to 11 per cent. It has by now almost tripled again to 29 per cent. Most of this dizzying increase is what official bodies call 'excess'. 'In other words,' as the Irish Fiscal Advisory Council puts it, 'it cannot be explained by underlying domestic activity.' Or, in the Central Bank 's formulation, it is 'disconnected from actual economic activity in Ireland'. It is paranormal and, I think, unprecedented. Has any government in the history of the world ever been so dependent on the excessive and the inexplicable? Has any state ever driven such a great distance on the fumes of airy superfluity? To get a sense of the scale of this ectoplasmic largesse, we can ask: how much money would the State have taken in last year if the share of its revenues accounted for by corporation tax were the same as 2014? The answer would be €11.9 billion. And what did the State actually take in corporation tax in 2024? That answer is €28 billion . READ MORE So we're looking at €16 billion of last year's revenue that was accounted for simply by the magical growth in the proportional contribution of corporation tax paid by a tiny number of American multinationals. To put that in context, €16 billion is the combined budget of the departments of Education and Transport this year. Little Ireland received more tax revenue from American corporations than any other country outside the US At one level, of course, this windfall is not mysterious. The 'excess' of magic money is a byproduct of the machinations of around 10 gigantic US-based corporations. They have transferred their intangible assets – patents, trademarks, brands and software licences – from overly obvious offshore tax havens to the more respectable but still very generous environs of Ireland. The Irishness of this intellectual property (IP) is a legal fiction. We might call it IPP: Intellectual Plastic Paddy. But IPP allows the corporations to massively inflate the profits they declare here and the State to claim 12.5 per cent (now rising to 15 per cent) of those profits. It might be reassuring to imagine that all this is the result of a cunning plan of Irish governments. But it isn't. The State was red in tooth and claw in its fight to stop the modest reforms to global tax regimes that resulted in the decisions of the multinationals to onshore their IP out of the tax havens and into Ireland. It went along with those reforms grudgingly and with bad grace when it had no real choice. This is the irony: the State has been enriched against its will, dragged kicking and screaming into Aladdin's cave. Nonetheless, in 2022-2023, the latest year for which we have figures from the US, little Ireland received more tax revenue from American corporations than any other country outside the US. We got twice as much as China, three times as much as Germany, as much as India and Canada put together. It is this magic fountain that waters our parafiscal exchequer. The State essentially runs two budgets. One, based on actual economic activity in Ireland, is consistently in deficit. But the other, inflated by the IPP bonanza, is in flamboyantly extravagant surplus. The first is masked by the second. The paranormal occludes the normal. So what? If we leave aside the morality – and by God do we ever leave aside the morality – it's free money. The luck of the Irish has turned from a sick joke into a daily reality. Why not just enjoy it? The problem, though, is that paranormal activity is bewildering. It makes it hard to decide what is and is not real. And this is the paralysing condition that besets the State. It cannot make up its collective mind whether the 'excess' is a conjuring trick or hard fact. Is it just the way Ireland is and will be for the foreseeable future? Or is it a little Eden from which, any day now, we will be expelled and thenceforth have to earn our bread by the sweat of our brows? Unearned wealth – and let's be clear that this is what most of this 'excess' corporation tax is – leads to laziness These dual possibilities are the headlights in which the State is caught and frozen. It can neither believe its luck nor discount it. This is the underlying reason for the almost inexplicable inability of a very rich country to reach European standards of infrastructure and social services. Because we don't think the bonanza is real and sustainable, we can't plan to spend it sustainably. Yet because we have this embarrassment of riches, we don't have to think about how we raise and spend money in the normal, tangible Irish economy. Hence, successive governments adamantly refuse to broaden the tax base – why bother taking the risk of upsetting any powerful lobby when you can just watch the billions roll into the parafiscal treasury? Why, indeed, make any real choices at all? Unearned wealth – and let's be clear that this is what most of this 'excess' corporation tax is – leads to laziness. The hard work of reform, of innovation, of articulating priorities and then delivering them, can be shirked. The State needs to pick a side: either decide that the crock of gold will keep renewing itself and invest accordingly, or conclude that leprechaun economics has had its day. Either trust in the paranormal or make the normal fit for purpose.
Irish Times
19-07-2025
- Business
- Irish Times
Corporation tax surge a sign investors have not been put off by economic uncertainty just yet
We've all heard the stories about corporation tax , how the boom in tax receipts won't last, and how the Government would be crazy to rely on windfall taxes to fund day-to-day spending. For the moment, at least, the gravy train keeps rolling, as shown in the exchequer returns for June which were published a fortnight ago. Now we have some more detail on what's happening thanks to the Government Finance Statistics for the first three months of this year published by the Central Statistics Office on Friday. As is often the case with statistics such as these, the absolute numbers are important but it's really the change that is relevant. Those changes were almost universally positive for Ireland between January and March. At the end the quarter, total Government revenue stood at €30.9 billion, the CSO said. That was €2 billion ahead of the same time last year driven by an increase in taxes of €1.5 billion and social contributions of about €500 million. Much of the tax increase came about because of a rise in, you guessed it, corporation tax. As Grant Thornton's Peter Vale pointed out, 'a key component' of the €1.5 billion increase in taxes was corporation tax, which was 'up 25 per cent over the prior year after excluding the Apple tax case-related payments. While corporation tax figures remain volatile, they continue to trend upwards,' he added. It's a movie we've seen several times at this stage, but Vale spotted a few other wrinkles in the data that are worth noting. Namely, the sharp jump in income from capital gains tax (CGT) . CGT receipts jumped 64 per cent year-on-year. That's a big rise in anyone's language. While it's true that CGT can be lumpy – all it takes is one or two big transactions to skew the numbers – it does indicate that people are still doing deals. US president Donald Trump made his 'liberation day' tariffs announcement on April 2nd, so its impact is not included in the CSO data. Yet it didn't exactly come out of the blue. He had telegraphed the move for weeks ahead of time. Clearly not everyone has been put off by the 'heightened geopolitical and economic uncertainty' that practically every company or politician seems to be citing these days. Whether that will last is another question entirely.
