Property sales fall in January February 24, 2015 UK HOME sales fell in January for the fourth month in a row, to reach their lowest level since October 2013, according to new data. The latest seasonally adjusted figures out yesterday by HM Revenue and Customs (HMRC) shows there were 97,320 transactions last month, down six per cent compared with a year ago. Transactions [...]
HSBC chief holds Swiss bank account but bank denies wrongdoing February 23, 2015 HSBC has acknowledged its chief executive, Stuart Gulliver, uses a Swiss bank account to hold his bonuses, following revelations published in the Guardian. Gulliver was shown to have sheltered money in a Swiss account through Panamanian company Worcester Equities Inc. But HSBC pointed out to the BBC that its chief executive has paid [...]
Danny Alexander threat to firms that facilitate tax evasion February 23, 2015 Danny Alexander has proposed a new law penalising companies who assist with tax evasion. The chief secretary to the Treasury said in an interview: “We should create a new offence of corporate failure to avoid preventing an economic crime and also that organisations who facilitate or encourage evasion should face the same penalty as the [...]
Nutmeg ready to shake-up UK pension market February 22, 2015 Online wealth management group Nutmeg is today launching its first personal pension in an attempt to disrupt the UK pensions sector. Nutmeg co-founder and chief executive Nick Hungerford says current offerings on the market are “complicated, underfunded and in need of some massive changes.” “We know there’s a massive deficit in pensions savings; company pensions [...]
London toasts boom in craft beer start-ups February 22, 2015 BUSINESS is booming for London’s micro-breweries, with 2014 emerging as yet another record year for start-ups entering the capital’s thriving artisan beer scene. Last year there were 30 applications to HMRC to launch breweries in London, a small increase of one on 2013’s record year and almost double that of two years earlier. London is [...]
HSBC under pressure to lower bonuses following tax dodging inquiry February 21, 2015 Top executives at HSBC are being encouraged to waive their bonuses for the year, following allegations the bank abetted tax dodging clients. Shareholders, politicians and large sections of the media will place the bank’s bonuses under intense scrutiny when its annual reports are released on Monday. According to the Financial Times, shareholders [...]
MPs are dangerously blurring the line between tax avoidance and evasion February 19, 2015 Never before has tax avoidance – legally arranging your affairs to lower your tax liability, as distinct from the illegal practice of tax evasion – been used as a political weapon in such a high profile way. In the last week, we’ve had it all: smears, claims and counter-claims, and Ed Balls, the man who [...]
Levy on tobacco industry could cost state millions February 16, 2015 A TAX on tobacco manufacturers’ profits could result in significant losses of income for the government, a consultancy has said. “The implementation of a windfall tax is estimated to produce a net loss in tax receipts,” the analysis from Oxford Economics said yesterday. If the tax is implemented at £100m, it is predicted it will lead [...]
Lord Green keeps Chambers of Commerce role as HSBC tax evasion row goes on February 16, 2015 Former HSBC boss Lord Green is keeping his role as a trade adviser to the British Chambers of Commerce (BCC), as the business group backed the embattled ex-government minister. Green was the chief executive and chairman of HSBC while its Swiss private banking arm helped wealthy clients evade taxes. He is now the focus [...]
Institute of Directors labels Google Tax a government about-face February 15, 2015 The Institute of Directors (IoD) has criticised the Diverted Profits Tax, known as the Google Tax, being introduced by the government. The law aims to gain revenue from some profits that multi-national companies register abroad. Firms will be legally obliged to notify HMRC, and pay a 25 per cent tax on identified earnings. Stephen Herring, [...]