Inside Track: Moncler’s heavily subscribed new issue gives Milan a boost December 5, 2013 LONDON has enjoyed something of a return to form in the new issues market during 2013, but it’s the Milan stock market that is going out with a flourish. While the Dubai-based luxury property group Damac limped in a rather pedestrian way towards a £1.6bn London flotation this week after flirting with a postponement, there’s [...]
Marks & Spencer chooses a new auditor after 87 years with PwC December 5, 2013 MARKS & Spencer has parted ways with PwC, picking a new auditor for the first time since the FTSE 100 retailer became a public company in 1926. M&S said yesterday it has appointed Deloitte as its new auditor following a competitive tender. The switch comes at a time when the close and often decades-long relationship [...]
Europe stalls on plan to force audit switching December 5, 2013 NEGOTIATIONS on a European Union draft law forcing companies to switch accountants around once every ten years are on hold due to disagreements over other planned curbs on auditors, according to a British MEP involved in the talks. The law, which goes further than recent changes to UK auditor rules, are meant to boost competition [...]
Foreign buyers and buy-to-let hit by tax plans December 5, 2013 OVERSEAS residents will be made to pay capital gains tax (CGT) when they sell their homes in the UK under changes announced by the chancellor yesterday, in a move expected to raise up to £345m by 2018. The Treasury will also raise money by halving the tax-free period for homeowners letting a property in which [...]
Pilot planning scheme to offer households a share of proceeds from nearby developments December 5, 2013 HOUSEHOLDS could be paid a share of the proceeds when new developments are built in their area, under a pilot scheme announced yesterday. George Osborne said the government would work with industry and local authorities to make sure that households benefit from development in their local area by sharing in the proceeds. The move builds [...]
Stamp duty tax on exchange traded funds to be scrapped December 5, 2013 CITY fund managers were boosted yesterday after the chancellor abolished taxes liable on UK-based exchange traded funds (ETFs) – bringing Britain into line with rival European countries. Chancellor George Osborne said the 0.5 per cent tax levied on purchases of ETFs would be abolished from April 2014. UK fund managers currently domicile their funds in [...]
Infrastructure plan met with cautious support December 4, 2013 THE GOVERNMENT’S national infrastructure plan received mixed reactions yesterday, as proposals for over £375bn worth of projects were announced by chief secretary to the Treasury Danny Alexander. The document sets out the UK’s infrastructure needs and how to address them. It includes detail on the government’s plan to increase money raised through the sale of [...]
Co-op’s advisers defend role in botched Lloyds branch sale December 3, 2013 THE CO-OPERATIVE Bank’s advisers on its aborted attempt to buy 632 Lloyds branches defended their part in the botched sale yesterday, insisting their advice was robust. JP Morgan’s Tim Wise, part of the team that advised Co-op, told MPs his bank had given “dispassionate and conservative” advice, despite the majority of its payment being dependent [...]
Unilever’s audit goes to KPMG December 2, 2013 KPMG has won the contract to audit consumer goods group Unilever from next year, in an €18m-a-year deal that was previously held by PwC. Unilever said it would part ways with PwC on the audit mandate after 26 years and put the job out to tender in July. The decision followed a rule change forcing [...]
Survey shows UK stays top for competitive tax December 2, 2013 THE UK has held onto its position as having the most attractive tax regime among peer countries, according to a leading survey released yesterday. Reforms made in recent years have markedly improved Britain’s standing and made it a more appealing to large companies, the report by KPMG said. The survey of executives at large businesses operating [...]