Bashing buy-to-let landlords will push up rents and hit the UK economy hard July 23, 2015 Buy-to-let landlords have a huge advantage in the market as they can offset their mortgage interest payments against their income, whereas homebuyers cannot.” That’s how the chancellor explained his decision in the Budget to require that landlords, unlike other businesses, effectively pay tax on their borrowings – their buy-to-let mortgage. But the chancellor has made [...]
HMRC targeting “app economy” in crackdown on tax evaders July 23, 2015 HMRC wants to extend its data-gathering powers to be able to access data from Google and Apple app stores. The state tax collector wants to tackle tax evasion in the “app economy” using data from app stores and online platforms as it believes that this will provide information on digital businesses that have not declared [...]
British home transactions jump in June July 21, 2015 THE HOUSING market picked up pace in June as both buyers and sellers returned to the market after shaking off uncertainty from the General Election. There were 104,590 residential property transactions in June, according to figures released yesterday by HMRC. It marks a 16-month high as well as a 4.7 per cent jump on May. [...]
HMRC debt recovery powers to raid bank accounts ride roughshod over Magna Carta principles July 16, 2015 Buried in the hefty tome presented to the House of Commons at the Budget last week were these 36 words: “Direct recovery of debts – This government will introduce legislation to modernise and strengthen HMRC’s powers to recover tax and tax credit debts directly from debtors’ bank and building society accounts, including funds held in [...]
Blockchain boss Eddy Travia on Coinsilium’s IPO: Why I chose to float a FinTech business in London July 15, 2015 Whilst the bitcoin price may have stolen some headlines during the Greece negotiations it is the underlying technology, blockchain, that is really making waves across the financial world. Last year $330m (around £211m) flowed into bitcoin and blockchain companies, and in the first half of 2015 $373m was invested into the same space, bringing the [...]
New HMRC debt recovery powers that allow direct access to bank accounts slammed by taxpayer group as “flying in the face of Magna Carta” July 12, 2015 The Taxpayers’ Alliance (TPA) has slammed new HMRC debt recovery powers which they said “fly in the face of Magna Carta”. Under the new direct recovery rules, which were announced in the 2014 Budget and are yet to come into force, HMRC would have the ability to seize funds directly from bank accounts. In a [...]
Buyout barons hit with a tax clampdown on carried interest July 8, 2015 UK PRIVATE equity dealmakers will be forced to pay more tax on performance fees after plans were unveiled to enforce higher capital gains charges on their income. So-called carried interest – the share of profits private equity managers take from a fund – is currently taxed at capital gains tax rates of 28 per cent [...]
July Budget 2015: George Osborne’s spending plans in charts July 8, 2015 The first fully Conservative Budget in 18 years has arrived, and chancellor George Osborne hasn't been afraid to flex his muscle. Osborne paraded a new national living wage, committed himself to defence spending, promised £250m funding to help HMRC combat tax avoidance and evasion, abolished non-dom status and treated corporations to a tax cut. Here's [...]
July Budget 2015: Every key policy announced today July 8, 2015 George Osborne revealed the first Budget of the government, including policy changes on everything from pensions and inheritance tax to bank levies and the Northern Powerhouse. Here we round up all the essential points from the Red Box. 1. A surplus will be reached by 2019 Osborne pledged to reduce the deficit by [...]
George Osborne’s marginal revolution: Why Britain’s top rate of tax is unsustainable July 1, 2015 The so-called marginal revolution in economics occurred in the nineteenth century. George Osborne’s marginal revolution in taxation needs to start next Wednesday, with decisive steps towards a more sensible tax system. In many ways, next week’s Budget will reveal the real Osborne. Freed from the shackles of coalition politics, will we see a markedly free [...]