UK pensions: Only three per cent of employers have helped staff understand changes to the lifetime and annual allowance for pension contributions, which are due to come in this April February 16, 2016 Some big changes are on the horizon for pensions, but just a handful of businesses are taking action to help their employees understand them, according to a new survey. Research released today by Close Brothers Asset Management has discovered that only three per cent of employers are offering specific support to staff members who are likely [...]
Sluggish holiday sales pull Build-A-Bear Workshop’s performance down for fourth quarter and curb revenues for fiscal year but share price rises February 16, 2016 Share price in Build-A-Bear Workshop rose despite the company announcing a fall in sales throughout the holiday season in its most recent results today. The retailer reported adjusted net income of $19.6m (£13.7m) for its fiscal year 2015, up from $17.4m for its fiscal year 2014, although total revenue dropped to $377.7m, compared to $392.4m the year before. The company's results [...]
Millions will pay less when tax changes, including the personal savings allowance, come into force, but constantly changing rules are making investment decisions hard for consumers February 16, 2016 Ceaseless changes to the way investments are taxed are creating headaches for savers, even when they stand to benefit, a report out today argues. The research from the Institute for Fiscal Studies (IFS) contends that incoming changes, such as the personal savings allowance, are creating vast differences in the way different investment vehicles are treated [...]
Winter storm on US east coast leads to thousands of flight cancellations, including from Newark Liberty International and JFK in New York, and Ronald Reagan Washington National February 15, 2016 Thousands of flights due to depart from US airports have been cancelled today because of poor weather, as the National Weather Service put winter storm warnings in place across much of the east coast. According the flight tracking website flightradar24.com, New York's Newark Liberty International Airport was one of the worst affected, with over half (51 per cent) of [...]
Leap year proposals: Ladies planning to pop the question this 29 February could be counting their luck with extra tax savings February 15, 2016 Call us old romantics but we here at City A.M. love a good wedding story – the beautiful frocks, the first dance as a married couple, all those wonderful tax breaks the newlyweds can take advantage of… The tax experts at the Institute of Chartered Accountants in England and Wales (ICAEW) are clearly in agreement, as [...]
Pension Isa could see savings slashed by a sixth, says Association of British Insurers, which favours the flat rate of tax relief instead February 15, 2016 Introducing a pension Isa could lower contributions by around a sixth, the Association of British Insurers (ABI) has warned today. Using research prepared by the National Institute of Economic and Social Research (NIESR), the ABI has calculated that a pension Isa system, where pensions contributions are taxed but withdrawals are exempt, would influence people to cut [...]
Reported fraud in the UK more than doubled from £720m to £1.5bn last year, with financial services and London particularly badly hit February 15, 2016 The value of fraud in the UK more than doubled in 2015, although the total number of incidences fell, a report out today has discovered. The study by professional services firm BDO revealed that the value of reported fraud last year was £1.5bn, up 110 per cent from £720m the year before and the highest it has [...]
Legal sector needs a single regulator and more control over who can call themselves a lawyer, warns Law Society chief executive February 15, 2016 The boss of the Law Society has today called for there to be a single regulator for the legal profession and more control over who can call themselves a lawyer. Writing in industry publication The Law Society Gazette, Catherine Dixon, chief executive of the Law Society, urged government not to pull legal regulators and their professional bodies [...]
City of London Investment Group share price up despite drop in profit and funds under management because of turbulence in emerging markets February 15, 2016 Share price in City of London Investment Group rose today despite the company announcing a fall in profits at its half-year results. The fund manager reported profit before tax of £3.6m for the six months ended December 2015, down from £4.3m for the same period the year before, while funds under management dropped to $3.8bn (£2.6bn), [...]
Remaining US sanctions putting insurance professionals off Iran, although the desire to do business in the country has increased since January February 15, 2016 The insurance industry is still feeling cautious about doing business in Iran because of lingering sanctions, according to a survey released today. The study, conducted by global law firm Clyde & Co, discovered that 85 per cent of London insurance professionals felt discouraged from doing deals with the country because of remaining US sanctions which make it near impossible [...]
