Sunak must welcome Bitcoin into the financial markets with its core principles intact May 4, 2022 Mainland Brits often joke about their expat compatriots in Gibraltar, saying that watches have to be turned back 20 years when you’re there. Gibraltar has always been a popular target for condescension. Yet this supposedly “backward” place has been consistently ahead of the curve on Bitcoin adoption and regulation. In 2018, the territory was the [...]
Homes for Ukraine scheme: tax treatment April 20, 2022 The Government has announced that sponsorship payments under the Homes for Ukraine scheme will not be taxable and that the conditions for some tax reliefs will be adjusted to take account of the scheme. Homes for Ukraine scheme The scheme allows individuals, charities, community groups and businesses in the UK to bring Ukrainians to the UK and [...]
Tesco profit surges but bosses warn of sky-high inflation side effects April 13, 2022 Tesco has rebounded from the pandemic with a 65 per cent boost in operating profit, climbing to £2.56bn for the full-year.
Sunak’s wife to pay UK tax on overseas income April 10, 2022 Rishi Sunak’s wife will pay UK tax on her overseas income after a row over the appropriateness of her non-dom status, she announced yesterday. The Chancellor’s wife, Akshata Murty, an Indian national, said she will pay UK taxes on her foreign income to avoid becoming a “distraction” for her husband’s political career. Critics have accused [...]
London law firm opens new office in Cayman Islands as firm believes tax haven is central to ‘new economy’ April 9, 2022 London law firm Chancery Advisors has opened a new office in the Cayman Islands, describing the location as “critical to the new economy.” The City of London law firm said that opening new offices in what has historically been known as a tax haven will help it facilitate offshore hedge funds and activist investors in [...]
Investors pour record £1.13bn into venture capital trusts April 8, 2022 Venture capital trusts have reported a record year of funding in the past year as UK investors poured more than £1bn into the growth investment vehicles.
New tax year ushers in more woe for businesses and households April 6, 2022 Today marks the start of what will be yearly increases in tax bills for households across the UK as a raft of hikes, threshold freezes and fiscal tweaks come into effect. The new tax year has been ushered in by the much-lamented 1.25 percentage point national hike, which is forecast to deal a more than [...]
‘Death by over-regulation’: Losses from one cryptocurrency cannot be used to offset gains from other crypto under new tax rules in India March 22, 2022 India has introduced a number of new tax rules for cryptocurrencies. The most eye-popping clause is without a doubt the stipulation that losses from one crypto asset cannot be used to offset gains in another. So, in other words, if you lose some in trading Bitcoin, that cannot be offset vs gains from another asset, [...]
HMRC contacts just 0.4 per cent of UK crypto holders about tax rules March 16, 2022 HM Revenue & Customs contacted just 0.4 per cent of the estimated 2.3m crypto holders in the UK about owing tax on their investments.
Sofa chain DFS takes hit to profit after Covid hammers supply chain March 15, 2022 Profit at DFS has dipped as the sofa maker pointed to Covid-related supply chain challenges. Profit before tax stood at £21.6m, in comparison to £72.1m the prior year, a 70 per cent loss. However, profit was up 35.8 per cent compared to the furniture maker’s pre-pandemic comparator of £15.9m. The pandemic had squeezed DFS’ supply [...]