Tag: tax

Brits to pay tax on money hidden in Swiss bank accounts

Brits to pay tax on money hidden in Swiss bank accounts

UK residents holding cash and investments with Swiss banks are to be taxed by Swiss authorities, with the money then handed over to HM Revenue and Customs (HMRC). A deal has been agreed between governments whereby account holders can retain their anonymity but will be forced to make their contribution to the Treasury. HMRC expects [...]

August 25, 2011 | 0 Comments More
China moves to cool property prices

China moves to cool property prices

China‘s property prices have remained stubbornly high despite several Government initiatives to avoid a property bubble. The Government recently announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”. It has also made it more expensive to [...]

March 9, 2011 | 0 Comments More
HSBC again denies talks of relocation

HSBC again denies talks of relocation

HSBC, which is Europe’s largest bank, has once again denied rumours that it is planning to relocate its UK headquarters to Hong Kong. A report in the Sunday Telegraph quoted an unnamed, investor as saying “we were told that a move [to Hong Kong] is now more than likely”. However, the bank has refuted the [...]

March 6, 2011 | 0 Comments More
Bank Governor supports breaking up banks

Bank Governor supports breaking up banks

Mervyn King, the Bank of England’s Governor, has expressed his support for breaking up banks - measures that would shake-up the UK’s banking industry. Mr King’s comments come shortly after the Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could see [...]

October 26, 2010 | 1 Comment More
UK banks to agree to code of practice

UK banks to agree to code of practice

Chancellor George Osborne has today announced that UK banks will have until next month to sign up to a code of practice, in a bid to get them to pay more tax. Speaking to BBC television today, Mr Osborne said: “We are going to be looking at the code of practice that the banks were [...]

October 17, 2010 | 0 Comments More
City bankers to receive £7bn bonuses this year

City bankers to receive £7bn bonuses this year

Leading think tank, the Centre for Economics and Business Research (CEBR), has unveiled City bankers will be in receipt of a bonus pot of £7.3 billion this year. The total is 4% lower than last year’s total and considerably lower than the £11 billion paid out at the height of the banking boom in 2007. [...]

October 5, 2010 | 1 Comment More
Goldman Sachs reports sharp fall in profits

Goldman Sachs reports sharp fall in profits

US banking giant Goldman Sachs has today announced profits dived 82% in the second quarter to $453 million. The figures represented the worst quarter since the height of the financial crisis - almost two years ago and were hit by the British bonus levy and a US fraud settlement. Commenting, Lloyd Blankfein chief executive, said: [...]

July 20, 2010 | 0 Comments More
Minister urges bonus restraint

Minister urges bonus restraint

Banks are being urged to show compassion when allocating bonuses this year - in light of the cost-cutting measures in the public and private sectors. Financial Secretary to the Treasury, Mark Hoban, said banks need to be mindful during the forthcoming bonus season - at a time when pay restraints are being implemented across the [...]

July 13, 2010 | 0 Comments More
NIESR believes taxes will rise sharply

NIESR believes taxes will rise sharply

Influential think tank, the National Institute of Economic and Social Research (NIESR), believes taxes will increase sharply in the next ten years, in order to cut the UK’s budget deficit. According to a report by the Institute, taxes would have to rise by the equivalent of 6p on the basic income tax rate to bring [...]

April 30, 2010 | 0 Comments More
Aviva highlights “pre-inheritance” trend

Aviva highlights “pre-inheritance” trend

The traditional practice of leaving an inheritance is being replaced with a “pre-inheritance”. Nearly half (46%) of British adults have received a pre-inheritance, money given to them out of the estate of a benefactor who has yet to die. However, the new trend could already be on the wane, with just 17% of over-55s saying [...]

April 6, 2010 | 0 Comments More
Savers waste £35m by ignoring ISAs

Savers waste £35m by ignoring ISAs

Savers are being urged to make full use of this year’s ISA allowance before the 5 April deadline. Unbiased.co.uk warned that Brits are set to unnecessarily spend £35 million on tax this year because they haven’t bothered to put their savings into an ISA. Research by the financial advice website found that 5.9 million adults [...]

March 25, 2010 | 0 Comments More
Alistair Darling set to deliver Budget today

Alistair Darling set to deliver Budget today

The Pre-Election Budget will be delivered today by Chancellor Alistair Darling but he has repeatedly said there will be no “giveaways” ahead of the general election. What we can expect to see, though, are more details of how the Government expects to trim the budget deficit. Mr Darling has previously pledged to halve the budget [...]

March 24, 2010 | 0 Comments More
Bill Nighy supports Robin Hood tax campaign

Bill Nighy supports Robin Hood tax campaign

Bill Nighy has pledged his support for a campaign to impose a “Robin Hood tax” on speculative financial transactions between banks. The actor, famous for his roles in Pirates of the Caribbean and Love Actually, has joined forces with director Richard Curtis to make a three-minute film explaining how the tax would work. In the [...]

February 11, 2010 | 0 Comments More
France to introduce super-tax on bankers

France to introduce super-tax on bankers

French Finance Minister Christine Lagarde has today unveiled details of a 50% tax on bankers’ bonuses. After a cabinet meeting today, Ms Lagarde told reporters that a bill detailing the new tax would be presented to parliament early in the New Year. Any bonus above €27,500 (£24,000) will be taxed at a rate of 50% [...]

December 16, 2009 | 0 Comments More
Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its [...]

December 9, 2009 | 0 Comments More
NAO reveals pensions overpaying £250m in tax

NAO reveals pensions overpaying £250m in tax

A report by the National Audit Office (NAO) has revealed that around 1.5 million pensioners have made overpayments in income tax due to processing errors. Furthermore, the NAO revealed that around 3.2 million were neglecting to take up their allowance entitlements. The watchdog also estimated that half a million pensions have underpaid tax, by an [...]

October 23, 2009 | 0 Comments More
ISA-shy Brits waste £144 million

ISA-shy Brits waste £144 million

Brits are handing over £144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account. Research by Unbiased.co.uk found £109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account. Some 1.7 million shareholders are [...]

September 24, 2009 | 0 Comments More
easyJet closures put jobs at risk

easyJet closures put jobs at risk

Budget airline easyJet is to close its base at East Midlands airport and cut services at Luton Airport by a fifth with a view to transferring them to profitable bases in continental Europe. Luton is one of easyJet’s biggest bases and operates 16 aircraft and carries almost 5 million passengers each year. Meanwhile, the low-cost [...]

September 3, 2009 | 0 Comments More
FSA chief supports tax to curb bonuses

FSA chief supports tax to curb bonuses

The chairman of the Financial Services Authority is supporting a new tax on banks, aimed at curbing the bonus culture in the City. In an interview with Prospect magazine, Lord Turner attacked the industry and said some of the City’s activities had “swollen beyond its socially useful size” and was happy to consider taxing it. [...]

August 27, 2009 | 0 Comments More
UK’s £1bn crackdown on tax evaders

UK’s £1bn crackdown on tax evaders

HM Revenue & Customs (HMRC) has embarked on a new campaign in order to get millions of pounds of unpaid tax from offshore bank accounts and has used the 2009 Budget to introduce the new “offshore disclosure opportunity” which will run until March 2010. It is an invitation to people with offshore accounts to disclose [...]

April 23, 2009 | 0 Comments More