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2 clusters · 13 sources · 1 days · First seen · Last updated

UK fiscal pressure and tax reform efforts

Overview

The United Kingdom is facing significant fiscal pressure driven by an ageing population, with research from the Institute for Public Policy Research (IPPR) suggesting demographic shifts could account for nearly 80 per cent of additional fiscal pressure by 2075.

To address these challenges, the IPPR has proposed a new “fiscal contract” to shift the tax burden from younger workers toward wealth and property. Specific recommendations include replacing council tax and stamp duty with a single proportional property tax and extending National Insurance to older earners. Prime Minister Andy Burnham has not ruled out tax increases in the upcoming Budget due to the state of public finances.

In tandem with these policy discussions, the government is moving to modernize its tax infrastructure. HM Revenue & Customs (HMRC) has invited bids for a contract worth up to £500 million to revamp the National Insurance and PAYE System (NPS), aiming to replace legacy technology with an agile architecture capable of real-time processing.

Entities

AT&T · Institute for Public Policy Research · FollowMyHealth · Accenture · HM Revenue & Customs

Timeline

  1. 18 days ago

    [BUSINESS] 3 sources
    UK tax infrastructure faces modernization and reform efforts

    HMRC is seeking a £500 million contract to modernize the UK's National Insurance and PAYE systems, amid broader calls for tax reform to address fiscal pressures and aging demographics.

  2. 18 days ago

    [POLITICS] 10 sources
    UK faces fiscal pressure from ageing population, prompting calls for tax reform

    The IPPR has urged the UK government to implement tax reforms, including property tax and National Insurance for older earners, to combat fiscal pressures from an ageing population.

Sources

agf.org.uk · business.scoop.co.nz · educba.com · gbnews.com · independent.co.uk · ippr.org · myhubintranet.com · techdator.net · thefinancialanalyst.net · theregister.co.uk · thesuccessbug.com · uk.news.yahoo.com · vectorlinux.com