Foreign buyers and buy-to-let hit by tax plans December 5, 2013 OVERSEAS residents will be made to pay capital gains tax (CGT) when they sell their homes in the UK under changes announced by the chancellor yesterday, in a move expected to raise up to £345m by 2018. The Treasury will also raise money by halving the tax-free period for homeowners letting a property in which [...]
Tax crackdown on partnerships aims for £7bn December 5, 2013 A PACKAGE of measures to curb tax avoidance were included in yesterday’s Autumn Statement, in a move the chancellor says will raise nearly £7bn. Osborne outlined a two-pronged crackdown on company partnerships used to reduces taxes for hedge fund managers’ salaries and disguise company employees as self-employed partners to avoid income tax. “Most wealthy people [...]
What does the chancellor’s budget mean for you? December 5, 2013 Catherine Gannon, 51Managing director of law firm GannonThe business is performing extremely well but that is thanks to investments: profits are up but the cost of living has increased, making Catherine feel less well off. She lives with two children, aged 11 and 13, in her own home and holds investment properties. She doesn’t have [...]
Reactions to the chancellor’s statement December 5, 2013 THE BUSINESS GROUPDirector general of the CBIJohn Cridland The CBI had lobbied the government to cap business rates at two per cent and support business finance. “We have always advocated the dual approach of tackling the deficit and driving growth – the OBR forecasts confirm it is working. Let’s stick with what works. “The pressure [...]
Here’s why BoAML thinks Bitcoin is going to reach silver status December 5, 2013 Bank of America Merrill Lynch (BoAML) has said that Bitcoin could become a major source of e-commerce and can become a serious competitor to traditional money transfer services. In BoAML's view Bitcoin has clear potential for growth. However, the bank believes Bitcoin's volatility remains a problem for its further development. BoAML estimate that if Bitcoin [...]
Everything revealed in the Autumn Statement December 5, 2013 New cringeworthy slogans "Responsible recovery" and "fixing the roof while the sun is shining" have become popular with chancellor George Osborne's speechwriters. "Hardworking families" also got a mention. OBR growth estimates are up 2013: 1.4 per cent, up from 0.6 per cent in March2014: 2.4 per cent, up from 1.8 per cent in March2015: 2.2 [...]
Non-residents will pay capital gains tax from April 2015 December 5, 2013 As expected, George Osborne has announced that, from April 2015, non-resident UK homeowners will pay capital gains tax when they sell up. The chancellor said that the introduction is in the interests of fairness.
3 reasons why China is running scared of Bitcoin December 5, 2013 The People's Bank of China (PBOC) has announced a ban on financial institutions handling Bitcoin transactions. The central bank declared that Bitcoin was a currency without “real meaning.” The move comes shortly after China became the world's largest trader of the virtual currency. As China moves to restrict the use of Bitcoins here are three [...]
Autumn statement 2013: What to watch out for December 4, 2013 WHO: GEORGE OSBORNEWHEN: 11.15AM TODAYWHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOW Business rate rises cappedRate rises will be limited to 2 per cent in England and Wales in 2014, not linked to inflation State pension reformRetirement age rising to 69 by late 2040s Paper tax disc abolishedVehicle exise duty (VED) to be paid online Tax-free childcare vouchersAvailable [...]
Britain could become a social investment hub – if the chancellor provides the right incentives December 4, 2013 LONDON is fast emerging as a global centre for social investing. All of the ingredients are here: a vibrant entrepreneurial culture, a strong ethos of charitable giving and investing for good, a supportive government, and organisations whose aim is to grow the world of social impact investing. In the last few months, London has hosted [...]