Tullow Oil agrees $250m settlement to wrap up Ugandan tax dispute June 22, 2015 Tullow Oil will pay the Ugandan government a $250m (£158m) settlement, bringing to an end a two year dispute over capital gains tax. The London-listed company has already paid $142m, and the remaining $108m is being paid in three separate $36m installments, one of which has already been paid. The total sum will be fully [...]
David Cameron pledges tax credit reform as part of government’s drive to cut £12bn from welfare budget June 22, 2015 Tax credits are under fire as part of the government’s pledge to eliminate £12bn from the welfare budget, with David Cameron insisting Britain must not continue with the current “merry-go-round” system. The speech, in Cheshire, will attack the system introduced by Tony Blair’s Labour government, whereby low paid workers will have money taken in tax [...]
Raids on premises treble in HMRC tax evasion crackdown June 21, 2015 The number of raids carried out on premises has trebled in the last four years, as part of government investigations into tax evasion. Almost 600 property raids were carried out this year by HM Revenue and Customs (HMRC), following increased pressure from the government to meet its target of 1,165 tax evasion prosecutions set out [...]
Act now to avoid the Tories’ pension tax grab June 18, 2015 The chancellor has announced an “emergency” Budget for 8 July. On the basis of the new government’s Queen’s Speech, which saw little by way of surprises, the expectation is that there will be nothing much in the Budget to concern investors. Public spending cuts will continue, the government has already committed not to increase the [...]
Mayoral candidate Ivan Massow plans to raise £400m from a London tourist tax June 16, 2015 London could rein in almost half a billion pounds in public revenue with a tourist tax, a Conservative mayoral candidate has told City A.M.. Ivan Massow, who is in the running to take over from Boris Johnson as mayor of London, believes there should be a charge a rate of £1 per star per [...]
Mansion tax mania: Average property price in Kensington and Chelsea rises by £486,000 in one month June 15, 2015 The average asking price for a home in Kensington and Chelsea rose 28.4 per cent (almost £500,000) between May and June, according to data from Rightmove. The figure hints at a glut of high-end properties entering the market after the election, now sellers can forget their fears over the mansion tax. Read more: As rents [...]
HMRC pays out its highest ever amount to tax whistleblowers June 14, 2015 HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today. The state tax collector paid out £605,000, up 50 per cent on the previous year. Experts suggest it is because of increased awareness of the rewards available for information. “HMRC does not widely publicise the [...]
Pension tax relief changes could hit top earners June 10, 2015 Wealth managers have warned that changes to pension tax reliefs, which could come as soon as next month's emergency budget, will hit the UK's top earners who should act soon. As part of their election manifesto the Tories pledged to reduce tax relief on pension contributions for those earning over £150,000. Currently, individuals can contribute up [...]