We need a flat tax with no loopholes to reduce avoidance June 20, 2012 HYPOCRISY barely starts to describe it. Left-wing comedians – you know, the kind that love to attack the City, ridicule aspirational values, question the motives of those in business and who wear their champagne socialism on their sleeve – are not supposed to be extreme tax avoiders. So the news that Jimmy Carr, one such [...]
Auditor backs HMRC tax deals with Goldman June 13, 2012 BRITAIN’S top tax officials were justified in making secret deals worth billions of pounds with major five major corporates, a report says today. HM Revenue & Customs achieved a “good” outcome for the public purse by resolving a series of long-running disputes with the five unnamed firms but was criticised for bypassing proper governance procedures over the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 12, 2012 FINANCIAL TIMES Hildebrand takes Blackrock role Philipp Hildebrand, the former chairman of the Swiss National Bank, is joining BlackRock as vice-chairman and will oversee the firm’s largest institutional client relationships outside of the US. Treasury rejects pay levy on City The Treasury has rejected a plan to get the City to pay the salaries of [...]
Rangers at risk of relegation with vote set for top flight clubs June 12, 2012 CRISIS-HIT Scottish giants Rangers could be made to start next season in the fourth tier after a creditors’ deal was sunk by Her Majesty’s Revenue and Customs. Their future in the top flight now rests in the hands of other Scottish Premier League clubs, who will vote on the matter, possibly as early as Monday. [...]
UK received no corporation tax from Vodafone June 10, 2012 VODAFONE, one of the FTSE 100’s biggest companies, did not pay a penny of corporation tax in the UK last year. But the telecoms giant said it makes it main contribution to the UK economy via investment rather than taxes. “Last year, Vodafone’s UK capital expenditure went up from £516m to £575m – which means [...]
Get out the way: Small firms must be allowed to return UK to growth June 10, 2012 THE EUROZONE crisis is like a tragic opera: a torturous tale in which half the cast will be dead by the intermission. Of the Eurozone’s 17 characters, 12 are in recession, while all are banking on Germany to play the hero and keep the whole racket going. Monetarists and Keynesians disagree on how to return [...]
Producers of whisky look to middle classes in the BRICs June 6, 2012 WHENEVER Scottish nationalists are selling the case for independence, they peddle the myth that some clapped-out oil fields in the North Sea will bring decades of guaranteed prosperity. They would be better pinning their flimsy economic arguments on a liquid that is being exported in ever greater quantities: Scotch whisky. Diageo’s decision to invest £1bn [...]
HMRC disputes backlog grows as new tax complaints soar June 5, 2012 DISPUTES between taxpayers and HM Revenue and Customs (HMRC) hit a record high in the final quarter of 2011, according to new data out today, as the agency struggles to deal with a growing backlog of tribunal cases. The three-month period saw 3,400 new cases – a quarterly high taking the year’s total to 11,000, [...]
Diamond slams government for breaking taxpayer confidentiality May 28, 2012 BARCLAYS chief executive Bob Diamond has slammed the government for hitting the bank with a huge retrospective tax bill earlier this year and for damaging its reputation by “effectively naming” Barclays as the culprit in a tax avoidance scheme. In a letter to Andrew Tyrie, chair of the Treasury Select Committee of MPs, Diamond complains [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 21, 2012 FINANCIAL TIMES SFO lawyer warned against pursuing Tchenguiz case The lead lawyer in the Serious Fraud Office’s investigation of the Tchenguiz brothers warned the agency two months before the property tycoons’ arrest that it should not pursue the case. In January 2011, Wayil Eisa, the lawyer tasked with drafting the case for the prosecution, submitted [...]