Tax crackdown on partnerships aims for £7bn December 5, 2013 A PACKAGE of measures to curb tax avoidance were included in yesterday’s Autumn Statement, in a move the chancellor says will raise nearly £7bn. Osborne outlined a two-pronged crackdown on company partnerships used to reduces taxes for hedge fund managers’ salaries and disguise company employees as self-employed partners to avoid income tax. “Most wealthy people [...]
Another hike for state pension from Osborne December 5, 2013 FROM April next year, the state pension will be hiked by £2.95 per week, an annual increase of £153.40 for each retiree. The chancellor also announced that the state pension, like unemployment benefits, would not be included in a new cap on total welfare spending. And the Treasury confirmed that the age of qualification for [...]
£100m Libor cash for military charities December 5, 2013 IN A CROWD pleasing move, George Osborne pledged to make £100m worth of Libor fines available to military and blue light charities yesterday. The chancellor said he was “immeasurably proud of the work of Britain’s armed forces,” adding that he would make the money available to military charities and causes close to the police, fire [...]
Stamp duty tax on exchange traded funds to be scrapped December 5, 2013 CITY fund managers were boosted yesterday after the chancellor abolished taxes liable on UK-based exchange traded funds (ETFs) – bringing Britain into line with rival European countries. Chancellor George Osborne said the 0.5 per cent tax levied on purchases of ETFs would be abolished from April 2014. UK fund managers currently domicile their funds in [...]
Retail bonds set for take off as Treasury plots Isa rule change December 5, 2013 THE BURGEONING retail bond sector could gain access to the £440bn Isa market after the Treasury announced plans to loosen rules around their inclusion in people’s saving accounts. The government said it was exploring plans to help increase the number of retail bonds allowed to be included in ISAs by cutting the length of maturities. [...]
What does the chancellor’s budget mean for you? December 5, 2013 Catherine Gannon, 51Managing director of law firm GannonThe business is performing extremely well but that is thanks to investments: profits are up but the cost of living has increased, making Catherine feel less well off. She lives with two children, aged 11 and 13, in her own home and holds investment properties. She doesn’t have [...]
Industry slates fossil fuel tax December 5, 2013 MANUFACTURERS yesterday slammed the lack of any compensation for energy tax in yesterday’s Autumn Statement. The carbon price support is a tax on fossil fuels used for electricity, which raises costs for energy-intensive industries. “The compensation scheme was notable by its absence,” said Jayne Harrold, environmental tax specialist at PwC. “The government needs EU state [...]
Tax on shale gas profits slashed in bid to jump-start investment December 5, 2013 SHALE gas production was given a helping hand from the government yesterday, with the confirmation that taxes on companies’ profits would be slashed to spur investment. Under the new regime, which covers all of the UK’s onshore oil and gas industry, including shale, the tax rate on a portion of a company’s profits will be [...]
Nobel laureate celebrates £270m investment in quantum research December 5, 2013 NOBEL laureate Peter Higgs, the theoretical physicist who discovered the so-called God particle, applauded the government’s decision to support future scientific discoveries as part of its £270m funding for quantum technology. The fund will support UK quantum research, which takes advantage of the behaviour of materials on an extremely small scale, as it is applied [...]
Osborne sticks to £50 pledge on energy bills December 5, 2013 CUSTOMERS will save around £50 on their energy bills through green policy reforms, the government confirmed in yesterday’s Autumn Statement. Some green levies will be reduced or shifted into taxation and three new energy-saving schemes will be implemented as part of the policy overhaul. “The government cannot control the price of energy in the global [...]