Get more bang for your buck in green, spacious Hackney June 17, 2010 THERE aren’t many areas of London where less than a million pounds can get you an original Victorian house with four bedrooms, close access to three parks, independent shops and a commute under 20 minutes. In London Fields, however, the asking price for such a lifestyle is often no more than £800,000. Despite its trendy [...]
Protect your descendants from the axe of the taxman June 17, 2010 AHEAD of the general election, there was plenty of chatter about the Conservatives’ pledge to raise the inheritance tax (IHT) threshold to £1m. But the importance of appeasing the Liberal Democrats has superseded the need to appeal to the Tory heartland. The threshold is expected to remain at £325,000 for an individual and £650,000 for [...]
TV purchases boost retail sales in May June 17, 2010 FOOTBALL-CRAZY Britons splashing out on new televisions ahead of the 2010 World Cup gave retail sales a much-needed boost in May. The healthy 0.6 per cent gain last month contradicted the surveys from the CBI and the British Retail Consortium (BRC), which pointed to much weaker growth in sales. The Office of National Statistics (ONS) [...]
Private equity industry will fight CGT hike June 16, 2010 CONCERNS are mounting in the business world over the scope of the government’s proposed hikes to capital gains tax (CGT), as lobbying intensified ahead of the emergency Budget next week. The latest form of income to come under the spotlight is the so-called “carried interest”, or share of profits, that private equity bosses receive as [...]
Retirement age in France to rise to 62 June 16, 2010 FRENCH citizens face two more years of slogging away at work until they can retire, under new pensions system reforms unveiled by the country’s government yesterday. France plans to raise its minimum retirement age to 62 by 2018, from its current threshold of 60. The government will also increase taxes for top earners, targeting capital [...]
Osborne must show his true colours June 15, 2010 THERE will be plenty of banker-bashing from George Osborne when he delivers his first Mansion House speech to the City tonight. The audience of movers and shakers will barely notice; financiers are used to the abuse by now. Most of the proposals have been well trailed: a new levy on balance sheets (which could raise [...]
BCC backs our CGT campaign June 15, 2010 A LEADING business lobby group yesterday backed City A.M.’s campaign against damaging government proposals to raise capital gains tax (CGT) to levels in line with income tax. The British Chambers of Commerce (BCC) said that business prosperity would suffer if the coalition does not introduce taper relief, indexation or entrepreneurial relief along with the changes, [...]
CGT CAMPAIGN GATHERS PACE June 14, 2010 ANOTHER influential investor body yesterday pledged their support for City A.M.’s campaign against the new government’s planned hikes to capital gains tax (CGT) – proposals this newspaper believes would unfairly punish private investors and derail enterprise and long-term investment in the UK. The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has already written [...]
Time for an inquiry into tax system June 13, 2010 THERE are two conflicting trends right now in British economic policy: one is reassuring and invigorating; the other negative and deeply depressing. Both will help determine how successful and prosperous the UK will be over the next few years. I am increasingly optimistic about the immediate, urgent crisis facing Britain – the desperate need to [...]
Hiking capital gains will just hit aspiration June 13, 2010 CITY A.M. CAMPAIGN LIKE many MPs, I have received an avalanche of letters and emails from angry and perplexed constituents since the rise in capital gains tax was floated. These do not come from the ranks of the super wealthy or short-term City speculators. Instead, my anxious correspondents are predominantly people who have “done the [...]