For large home owners it’s heads I win tails you lose December 20, 2012 DIRECTOR, DOUGLAS AND GORDON Q There was a lot to read in the autumn statement. I live in a big house and need to know if I have anything to worry about. A To find out if you are going to be liable for a new levy, you will have to look at your property [...]
Rules against aggressive tax avoidance delayed December 11, 2012 NEW rules that will ban companies and individuals from engaging in aggressive tax avoidance schemes will not be implemented until at least summer 2013, according to draft legislation released yesterday. The General Anti Avoidance Rule (GAAR), which will give HMRC the power to identify and act against legal tax arrangements that are “abusive”, was due to be enforced [...]
Investors escape tax hike on £2m London homes December 11, 2012 OFFSHORE companies that buy prime London homes for investment purposes will be exempt from forthcoming property tax hikes, the government announced yesterday. Many wealthy foreign individuals have avoided stamp duty by setting up a company for the sole purpose of buying a high-end property. They will still be hit by a 15 per cent stamp [...]
Fear of higher tax sparks end of year sell-off December 9, 2012 INVESTORS typically sell stocks to cut their losses at year end. But worries about the fiscal cliff – and the possibility of higher taxes in 2013 – may act as the greatest incentive to sell both winners and losers by 31 December. The $600bn (£374bn) of automatic tax increases and spending cuts scheduled for the [...]
Isa changes may not affect your investment decisions December 9, 2012 IN LAST week’s Autumn Statement, George Osborne announced that the total amount an individual can invest in a tax-free Individual Savings Account (Isa) will increase to £11,520 per year from April 2013. This change won’t have much of an impact on the public’s interest in Isas, however. The small rise (£240) is in line with [...]
Sir Philip sells £500m stake in Topshop brand December 6, 2012 SIR PHILIP Green has sold a 25 per cent stake in his family’s Topshop empire to a US private equity firm in a deal that values the successful high street chain at £2bn. Arcadia, the retail tycoon’s holding company, confirmed yesterday it has sold off a £500m stake in its prized Topshop and Top Man [...]
Wall St ticks up as Apple stock climbs higher December 6, 2012 US stocks closed modestly higher yesterday, a day ahead of the key monthly jobs report, as a rebound in shares of Apple helped boost technology shares. Traders were reluctant to bet heavily a day before the Friday release of the November employment report. Just 5.62bn shares changed hands on US exchanges. Investors are also keeping [...]
Our at-a-glance guide to Osborne’s mini-Budget December 5, 2012 THE UK ECONOMIC OUTLOOK ■ The Office for Budget Responsibility (OBR) has revised down its forecast for UK growth and revised up its forecast for public sector borrowing. It says the government is no longer likely to meet its target of reducing debt as a proportion of GDP in 2015-16, breaking its supplementary fiscal rule. [...]
It’s business as usual as Osborne fiddles December 5, 2012 WHEN expectations are low enough, anything short of a disaster is inevitably hailed as a good performance. That, I’m afraid, is the best way of looking at George Osborne’s Autumn Statement, and the main reason why so many Tory MPs were happy last night. There were no massive, pasty-tax style blunders; all of the bad [...]
Slow rise in threshold means 400,000 more paying 40p rate December 5, 2012 HUNDREDS of thousands more workers will be dragged into the higher rate tax bracket under new proposals announced yesterday, which will see the threshold rise at both below the rate of inflation and wage increases. The higher rate threshold will go up by one per cent in 2014-15 and 2015-16, bringing an additional 400,000 people [...]