City A.M. panel blasts CGT rise June 1, 2010 OUR panel of City opinion-formers has slammed the government’s proposed hike in capital gains tax. More than 65 per cent of voters disagreed with the planned tax, compared with just 34 per cent in favour of it. Predictably, Tory voters were most vehemently opposed, with 71 per cent saying they “somewhat disagree” or “strongly disagree” [...]
The chances of a strong pound are still bleak June 1, 2010 SO WHAT now for the pound? Not even a Conservative-led coalition and a credible plan to cut public spending has been enough to lift the UK currency out of its malaise – it has fallen 5 per cent against the dollar in the past month and has been unable to break above the €1.18 mark [...]
Vodafone in $2bn Indian tax setback June 1, 2010 VODAFONE’s long-running battle over an acquisition it made three years ago continued yesterday when India’s tax department served a new notice on it, which could see the pair battle it out in court afresh. The case relates to Vodafone’s $11bn (£7.5bn) acquisition of Hutchison Essar in 2007. Indian authorities believe Vodafone should have paid a [...]
Campaign on capital gains wins support May 31, 2010 A FLOOD of support poured in from readers over the weekend after the launch of City A.M.’s campaign against the coalition government’s plans to hike capital gains tax (CGT). Keith Harris, the boss of stockbroker Seymour Pierce, added his name to the list of supporters, which also includes Tullett Prebon chief Terry Smith, entrepreneur Luke [...]
Treasury says deficit is still main priority May 31, 2010 THE Treasury yesterday insisted it would not be distracted from reducing the deficit, despite the shock resignation of its second most-important minister just seventeen days after his appointment. Liberal Democrat David Laws resigned on Saturday night after it was revealed he had claimed £40,000 in parliamentary expenses to rent a room from his partner. Commons [...]
What do you think about a hike in CGT? May 31, 2010 Let us know what you think about the trouble at the?Treasury by joining our unique panel at www.cityam.com/panel before 12pm and answering these questions: 1) The government is planning an increase in capital gains tax, bringing in rates similar or near to income tax. How far do you agree or disagree with this policy? 2) [...]
House prices dampened by the election May 31, 2010 UNCERTAINTY over the outcome of the general election put a dampener on house prices in May. May’s monthly house price growth held steady at April’s three-month low of 0.2 per cent, property data company Hometrack said yesterday. Increases in sales, new buyers and new properties were all the weakest since January, when unusually icy weather [...]
SPREAD BET GURU May 31, 2010 MARKET STRATEGIST josh@cityindex.com Q. Dear Josh, what does a hike in capital gains tax mean for spread betters? A. We don’t yet know what will be announced in the emergency budget on 22 June, but the good news is that even if there is a hike, this should make no difference to spread betters. Suggestions [...]
WHY CAM MUST AXE THE CAP GAINS HIKE May 27, 2010 CITY A.M. today launches a campaign against plans to hike capital gains tax (CGT), calling on David Cameron to rethink proposals that would clobber private investors. Yesterday, senior City figures – including private equity guru Jon Moulton, serial entrepreneur Luke Johnson and Tullett Prebon boss Terry Smith – became the first to support our campaign. [...]
Coalition must listen to City on CGT May 27, 2010 IT is not often that a major City institution is willing to go on the record with its opposition to a key government policy – usually, the big firms hide behind off-the-record briefings or industry lobby groups. So kudos to Fidelity, the fund manager, for yesterday demolishing so eloquently the coalition government’s plan to hammer [...]