Hornby extends losses despite its boss saying “good progress” is being made on turnaround plan November 24, 2016 Shares in model enthusiasts' favourite Hornby nose-dived over five per cent this morning after announcing static sales and falling profit margins. The figures Six month revenues fell from £22.3m to £21.9m, which led to an underlying loss of £3.6m, slightly more than the £3.4m loss in the same period last year. However, losses could have been worse [...]
Mothercare’s boss isn’t prepared to throw the baby out with the bathwater despite stalling sales November 24, 2016 Shares in high-street darling Mothercare fell over one per cent after its chief exec said both sales and profit margins had "stalled" over the last six months. The figures Half-year UK like-for-like sales fell by 0.7 per cent from £237m to £231m. International like-for-like sales fell by 2.9 per cent but increased in actual currency terms, [...]
Financial advisers rile at plans to shift offshore tax notification burden November 23, 2016 Financial advisers will have to tell UK authorities about clients' complex offshore tax structures, according to new government proposals. Today's Autumn Statement contained plans to consult "on a new legal requirement for intermediaries arranging complex structures for clients holding money offshore to notify HM Revenue & Customs (HMRC) of the structures and the related client lists". Read more: Brexit [...]
Hammond’s pension own-goal? Over-55’s flexible working under threat November 23, 2016 Tax relief on pension top-ups is to be drastically reduced for those already drawing an income from retirement savings. Over-55's drawing an income from pension pots can currently put £10,000 per year away tax free – known as the money purchase annual allowance (MPAA). But Chancellor Philip Hammond announced plans within his Autumn Statement to reduce the [...]
Pension triple-lock has been spared by Hammond despite concerns it was for the chop November 23, 2016 The pension triple-lock will not be abolished during the current parliament Chancellor Philip Hammond announced in the Autumn Statement. Some experts had anticipated the triple-lock – which guarantees that pensions to rise by the highest of average earnings, the consumer price index, or 2.5 per cent – might be for the chop. But Hammond confirmed that this would not [...]
Insurance premium tax rises to 12 per cent from next June. And it will be consumers that are hit worst, say insurers November 23, 2016 The rate of insurance premium tax will rise from 10 per cent to 12 per cent from next June, Chancellor Philip Hammond announced in the Autumn Statement. The rise will be the third hike since last November 2015 and means insurance premium tax will have doubled from six per cent to 12 per cent in just [...]
Sir Philip Green won’t be giving up his yacht any time soon, the work and pensions committee hears November 23, 2016 Assets owned by Sir Philip Green will not be seized by authorities for some time, as the process to force the former BHS owner to plug the retailer's terminal pension deficit is "very much at the earlier stage". The chief exec of The Pensions Regulator (TPR) Lesley Titcomb answered questions on the failure of BHS in front of the [...]
Brammer’s board accepts bumper offer after tumultuous 2016 November 23, 2016 Shares in UK parts distributor Brammer soared nearly 70 per cent after receiving a premium offer from a US buy-out fund. Advent International, which has previously held stakes in Poundland, Fat Face and mental health provider the Priory Group, offered £222m to take the firm private. The offer is a 69 per cent premium to [...]
Captain Charisma Richard Harrington (Pensions Minister) speaks for the first time about defined benefit schemes November 23, 2016 NULL
Things have changed but we’re doing well, says Paragon November 23, 2016 Challenger bank Paragon's shares jumped nearly four per cent in trading this morning after revealing increased profits over what the FTSE 250 lender called a "transitional year". The figures Underlying profit for the 12 months to 30 September rose by 9.1 per cent to £147m from £135m last year, while statutory profit before tax increased by 6.7 per cent to £143m. [...]
