Tory peer tells coalition to scrap capital gains tax September 13, 2012 THE GOVERNMENT should abolish capital gains tax (CGT), Tory peer Howard Flight claimed in a research paper released by the Centre for Policy Studies yesterday. However, the government must first cut the rate to 25 per cent or less, the report, prepared by Flight and Cambridge post-graduate economist Oliver Latham, says. If it can summon [...]
Hollande hikes taxes as rich flee for London September 9, 2012 FRENCH PRESIDENT Francois Hollande last night confirmed plans to raise taxes, particularly on the rich, as he fights to return the country to full strength within two years. Those earning more than €1m a year will be hit by a 75 per cent marginal rate, Hollande confirmed, with “no exceptions”. However, the levy could be [...]
We’ve been here before: Britain’s decline and fall is not inevitable September 3, 2012 THERE is one, single policy issue that dominates British politics today: the economy. It is the preeminent issue that determines the welfare of British citizens. Whether they have a job, how well paid they are in that job, what taxes they have to pay, what healthcare and pensions they get, how good their children’s education [...]
WPP is coming home as Sorrell lauds tax rules August 30, 2012 WPP endorsed the coalition’s changes to overseas tax rules yesterday by moving its base back to Britain – but the advertising giant’s chief executive Sir Martin Sorrell voiced concerns about other parts of the tax regime. Sorrell told City A.M. the delays to WPP’s return after four years based in Ireland were because “it’s taken [...]
Taxation shouldn’t be determined by subjective opinions of fairness August 27, 2012 THE Treasury’s latest consultation – Ensuring the Fair Taxation of UK Residential Property Transactions – has just closed. We responded to it, and disagreed not only with the substance of the policies, but also the way in which the consultation was framed around the vaguest of concepts: “fairness”. The main proposal is for a graduated [...]
A champagne prize for the worst Treasury team in modern British history July 31, 2012 AN ENJOYABLE way of spending a few relaxing holiday hours on the beach is to think about the best team that ever played a particular sport. It can be the team as a whole – for example, is the 2012 British Olympic gymnastic team better than its Russian equivalent in 1980? Or you can construct [...]
FUND MANAGER OF THE YEAR July 30, 2012 Our fund manager of the year award, sponsored by S&P Capital IQ, will go to a company or individual who has demonstrated strong performance or has taken a headline-grabbing stance during a high-profile corporate issue. Well-judged deals against a complex economic backdrop, a commitment to shareholder activism or a canny ability to weather the near-constant [...]
Travis Perkins profits washed out by weather July 26, 2012 BUILDERS’ MERCHANT Travis Perkins blamed the unseasonably wet weather for stalling construction activity in the first half of the year and wiping £10m off profits. The company, which owns brands such as City Plumbing and Tile Giant, said revenues fell 0.7 per cent to £2.4bn on a like-for-like basis, with “exceptional” bad weather impacting its [...]
First signs that foreign investors are losing trust in Britain July 24, 2012 WITH the Eurozone back in crisis, it is tempting to assume that Britain will be fine, that we don’t share the problems plaguing much of the continent. Such complacency would be a mistake. As an intriguing note from Credit Agricole points out, there are growing signs that investors are losing confidence in sterling’s status as [...]
US corporate results round-up July 23, 2012 Slowing economy hurts McDonald’s FAST-FOOD chain McDonald’s reported lower than expected quarterly profit yesterday, hurt by a slowing global economy and the impact of a stronger dollar. The company said that net income fell 4.5 per cent to $1.35bn (£870m), and the impact of the stronger dollar ate into earnings in the latest quarter, while [...]