How the UK’s regulatory framework protects P2P investors December 7, 2017 | Sponsored The peer-to-peer (P2P) lending market was established in 2005, when Zopa became the first platform to connect individual lenders directly with borrowers. Since then, the market has evolved rapidly, as have the regulations underpinning investor protection – and this looks set to continue. In the UK, the sector has been overseen by the [...]
Bank surcharge could increase tax take from lenders to “far more than double” Treasury’s forecast September 7, 2015 Accountancy giant EY added its voice to the chorus of those speaking out against the government's new bank surcharge, warning that under the new rules the tax take from the banking sector could be double what the Treasury has forecast – and retail banks could be the ones hit hardest. Under plans for the surcharge, [...]
Institute of Directors: Let’s make it easier to invest in startups by simplifying tax relief September 7, 2015 A leading business group has called on the government to simplify existing tax relief schemes in order to boost entrepreneurship. In a new report out this week, the Institute of Directors (IoD) has argued that the full potential of the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) is “not fully being realised”. [...]
Chancellor George Osborne’s bank tax comes under attack from Labour and SNP September 6, 2015 Small challenger banks and building societies will receive a boost if Labour and the SNP are successful in their attempt to amend Osborne's new bank tax. In his budget this year, the chancellor announced plans to replace the increasingly unpopular bank levy with an eight per cent surcharge on profits for banks of all [...]
Drinkers pay net tax of £7bn: It’s time to stop pretending they’re a burden on taxpayers September 2, 2015 Teetotallers should raise a glass of sparkling water to Britain’s drinkers, who are subsidising the Treasury to the tune of £6.5bn a year according to a think tank. Revenues from alcohol taxes amount to over £10bn, according to official figures crunched by the Institute of Economic Affairs (IEA). The contribution of drinkers to [...]
UK income tax haul from non-doms has risen 7 per cent and hit £6.6bn last year August 31, 2015 The amount of income tax paid by so-called “non-doms” based in the UK has risen by seven per cent, according to a new report out today from Pinsent Masons, the global law firm. According to the report, non-doms – individuals claiming certain tax benefits because their permanent home is outside of the UK – [...]
George Osborne’s damaging bank tax changes are a blow to competition in the sector August 31, 2015 Who is taxed, and by how much, is one of the best windows into the mind of any chancellor. Who does he want to help, who does he want to hit, and why? How you raise the money matters just as much as how you give it out. With that in mind, consider [...]
Looming bank tax fails to dampen spirits at OneSavings Bank August 27, 2015 Specialist lender OneSavings Bank yesterday announced a 60 per cent increase in profit in the six months to 30 June, and said it remains confident that it will continue to “exceed financial objectives” in 2016 despite the new UK bank corporation tax. The challenger bank reported an underlying profit before tax of £47.6m, exceeding forecasts [...]
Paddy Power share price rises as revenue jumps despite increases in tax and regulation August 26, 2015 Paddy Power reported revenue of €80m (£58.4m) in the first half – as it said it expects to exceed analysts' expectations for year-on-year profit growth. The company's shares rose 18 per cent to €91.86 as it unveiled plans for a merger with rival Betfair. The figures Operating profits at the company rose €80m in the six months [...]
CBI wants new tax break for mid-size investment August 26, 2015 A LEADING business group is calling for new tax incentives for investing in medium-sized businesses. In a new report out today, the Confederation of British Industry (CBI) and the accountancy and business advisory firm BDO propose so-called “Long Term Lending Trusts”, funding vehicles offering income tax relief to savers who put their money into long-term medium-sized [...]