‘Death by over-regulation’: Losses from one cryptocurrency cannot be used to offset gains from other crypto under new tax rules in India March 22, 2022 India has introduced a number of new tax rules for cryptocurrencies. The most eye-popping clause is without a doubt the stipulation that losses from one crypto asset cannot be used to offset gains in another. So, in other words, if you lose some in trading Bitcoin, that cannot be offset vs gains from another asset, [...]
HMRC contacts just 0.4 per cent of UK crypto holders about tax rules March 16, 2022 HM Revenue & Customs contacted just 0.4 per cent of the estimated 2.3m crypto holders in the UK about owing tax on their investments.
Sofa chain DFS takes hit to profit after Covid hammers supply chain March 15, 2022 Profit at DFS has dipped as the sofa maker pointed to Covid-related supply chain challenges. Profit before tax stood at £21.6m, in comparison to £72.1m the prior year, a 70 per cent loss. However, profit was up 35.8 per cent compared to the furniture maker’s pre-pandemic comparator of £15.9m. The pandemic had squeezed DFS’ supply [...]
City Moves: Who’s switching jobs in the Square Mile this week? March 15, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. MillTechFX Fintech affiliate of Millennium Global Investments, MillTechFX, has appointed a former HSBC CEO to its international advisory board. Stuart Gulliver is set to draw upon his 38 years of international finance experience to help the fintech execute its global expansion plans. After joining HSBC in 1980, [...]
Big Oil’s exit from Russia is finally a true confluence between profit and purpose March 3, 2022 In November last year, any company with enough money to stamp their name on the top of a letterhead was clamouring to prove they weren’t just in it to make money; they were good people too. The Cop26 climate change summit offered an opportunity for businesses of all stripes to issue press releases and host [...]
Reforming fiscal regime is no taxing issue March 1, 2022 Amid the surplus of analysis devoted to improving the UK tax system, debate over whether the government’s current and future level of spending sometimes slips by. With interest rates expected to climb as the Bank of England leans even further into hawkish policy and inflation already hitting near 30-year highs, the cost of borrowing will [...]
Buy-to-let investors profit taking boosts CGT take to record level February 22, 2022 Buy-to-let investors taking profits on their properties has propelled capital gains tax (CGT) receipts to their highest ever level, revealed official figures published yesterday. The Treasury received 20 per cent more income from capital gains tax last year, with receipts climbing to £12.9bn from £10.8bn from the previous year, according to HMRC. A red hot [...]
£13bn in a year: Entrepreneurs selling businesses and assets cause capital gains tax bills to jump 20 per cent February 22, 2022 The UK’s Capital Gains Tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to new research shared with City A.M. this afternoon. The increase is primarily due to a rise in tax on entrepreneurs selling businesses causing The value of capital gains in the UK [...]
All aboard the crypto train? February 22, 2022 Are you a wealth manager who believes bitcoin and other cryptocurrencies are a passing fad or worse? You’re not alone. But you also may want to reconsider. The wealthiest clients certainly don’t agree and they are voting with their wallets. In fact, 72% of high-net-worth individuals (HNWIs) have invested in crypto, according to the 2021 [...]
Elon Musk makes £4.2bn in charitable donations in 2021 amid Tesla uncertainty February 15, 2022 Eccentric entrepreneur Elon Musk donated $5.7bn (£4.2bn) worth of Tesla shares last year, making him the second-biggest philanthropic of the year according to a new security filing. According to this document, the Tesla boss donated 5,044,000 shares to an unnamed charity. If this filing is correct, this puts the South African-born businessman just behind Bill [...]