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, [...]
Investment tax break hits record as UK companies go for growth February 15, 2015 UK BUSINESSES will invest a record £2.8bn this year under the Annual Investment Allowance, as firms look to grow after years of underinvestment, commercial finance group LDF said yesterday. Introduced in 2008, the Annual Investment Allowance allows businesses making capital investments to claim a deduction of up to £500,000 from their taxable profits. HMRC has [...]
The government wasted £5.1bn last year – and £6m was on unusable earplugs February 15, 2015 Last year, the government apparently wasted £5.1bn on pointless projects and avoidable errors, with the Ministry of Defence being the biggest culprit of all. The department's £3.07bn losses included £4m on inventory for Sea King helicopters no longer in use, and £6m on earplugs found to be “not fit for purpose”. It also [...]