Tiny number of high earners use tax reliefs April 16, 2012 THE VAST majority of high earners pay the maximum possible amount of tax, with very few benefiting from the legitimate reliefs which the government plans to limit, Treasury figures showed yesterday. The facts became clear as accountants blasted George Osborne’s plans as promoting “uncertainty in the tax system,” hurting businesses and potentially hitting investment. George [...]
Labour pushes for a vote over the unpopular raid on charities April 16, 2012 LABOUR MPs are pushing for a vote in parliament tomorrow on the government’s planned cap on income tax reliefs, yesterday calling the limits “a sham of a change” which “came completely out of the blue” to hit charities. Treasury minister David Gauke had earlier defended the plan, explaining it is not fair that “there are [...]
WILL THE PM HELP GOOD CAUSES? April 16, 2012 David Cameron yesterday insisted he wants to see charitable giving rise, and that a consultation on income tax relief caps would allow the government “plenty of time to get it right” before the caps are implemented next year. Since charities and some high profile donors have insisted that capping income tax relief on donations will [...]
CITY VIEWS SHOULD THE GOVERNMENT RETHINK ITS CHARITY TAX RAID? April 16, 2012 DIEGO SHIN K&L GATES Yes. The plans are obviously going to have a big effect on the ability of charities to source funds. Whether there will be an ever broader social impact remains to be seen. ANDRE GOOCH LLOYDS BANKING GROUP Yes. Personally, I don’t think this is a good thing for the government to [...]
Ken insists he can get cash from coalition April 16, 2012 KEN Livingstone yesterday rubbished Conservative claims he would struggle to secure central government funds for the capital, telling City A.M.: “George Osborne will be no problem – I’ll just tickle his tummy.” The Labour mayoral candidate added that he had a successful track record of lobbying for money in the face of Treasury opposition: “I [...]
Boris retains poll lead in latest vote April 16, 2012 BORIS Johnson remains on track to win a second term in office, according to the latest mayoral poll by YouGov. The survey of more than a thousand Londoners suggests that the Conservative candidate is on track to win 45 per cent of first preference votes, against Ken Livingstone’s 40 per cent. After second preferences are [...]
GDF to snap up International Power for £6bn April 16, 2012 GDF Suez yesterday agreed to pay £6.4bn to take full control of International Power. GDF already owns 70 per cent of the company but has been pursuing the remaining 30 per cent. The 418p per share offer, at a seven per cent premium to an earlier approach by GDF, values International Power at about £22.3bn. [...]
Bank of America Merrill Lynch plays down impact of the Orcel brothers’ poaching April 16, 2012 THE departure of star banker Andrea Orcel from Bank of America Merrill Lynch (BAML) was never going to be friendly but few expected a full-blooded feud, which is what appears to have broken out. After 20 years at the US investment bank, Orcel’s decision to move to UBS warranted only a few words in an [...]
ADVISERS BARCLAYS CAPITAL April 16, 2012 Matthew Ponsonby, co-head of mergers and acquisitions for Europe, the Middle East and Africa is one of the key players on the team advising International Power (IP). The bank hired Ponsonby in 2009 to set up an M&A team in Europe, and he has since led a team advising car rental company Avis Europe on [...]
Moulton buys Jaeger despite UK retail woes April 16, 2012 JON Moulton has admitted his concern over the health of Britain’s high street despite making a £19.5m swoop on Jaeger, the upmarket fashion chain set up nearly 130 years ago. The private equity veteran told City A.M. it is “almost inconceivable” that he will not close some of Jaeger’s 50 stores and 90 concessions after [...]