Banks warn that HMRC won’t protect most vulnerable in tax grab plan August 16, 2014 The head of the British Bankers' Association (BBA) has sent a letter to chancellor George Osbourne, warning him that British banks do not believe HM Revenue & Customs can be trusted to fairly and safely take money out of tax payers' bank accounts. Controversial proposals outlined by the chancellor during his budget speech in [...]
Inheritance tax to be targeted in HMRC crackdown August 10, 2014 Her Majesty's Revenue and Customs (HMRC) is getting ready to crack down on voidance schemes targetting inheritance tax. As it becomes more difficult to plan for other types of tax, the HMRC is looking to make sure that substantial amounts of taxable inheritance aren't slipping through the cracks. The rules regarding the disclosure of inheritance [...]
Osborne announces plans to explore the future of Bitcoin August 6, 2014 George Osborne has announced plans to explore how cryptocurrencies such as Bitcoin can play a role in the UK financial system. The chancellor has commissioned the Treasury to produce a report on digital currencies, examining their potential benefits and risks, which is set to be published in the Autumn. Osborne said he aims to make the UK [...]
You’re now guilty until proven innocent if the taxman decides to visit August 3, 2014 For weeks, concerns have been mounting across the UK about a tidal wave of shock tax demands about to hit tens of thousands of individuals and businesses – and with good reason. Now that the Finance Bill 2014 has received Royal Assent, HMRC has two new weapons it can use against those it believes have [...]
Cut unemployment benefits for immigrants, but don’t cut immigration August 1, 2014 Prime Minister Cameron should be applauded for his plan to halve the length of benefits for unemployed immigrants down to three months. When a government allows immigrants to collect benefits without employment, it essentially pays someone to live off taxpayer dollars without contributing to the economy. But in Britain this is not generally the case. [...]
UK house sales at their highest since 2007, but seasonally adjusted figures show drop July 22, 2014 There was another sign that the UK property market may be cooling, after the HMRC released figures showing that the number of properties sold in the month of June had dropped – when the numbers are adjusted by season. Although the raw number of sales for June, 109,580, is the highest since November 2007 (and [...]
Pensioners warned not to splash all their cash on a Lamborghini as Treasury unveils pension rules July 21, 2014 Pensioners tempted to splash all of their cash in one go on a new Lamborghini are being warned they would face a tax bill of £63,000, ahead of today’s confirmation from the government that it will push ahead with the biggest shake-up of the pensions industry in a century. Research by financial services provider NFU [...]
The Aussie boss eyeing an M&A avalanche July 14, 2014 Progility boss Wayne Bos tells Michael Bow how he plans to take on the UK M&A market In the late 1990s Wayne Bos, the Australian executive chairman of training provider Progility, had just helped complete the management buyout of a division from London blue chip ICI when the telephone rang. It was a corporate adviser [...]
Exclusive: Osborne tax grab snares key adviser July 10, 2014 A government adviser charged with ensuring taxpayers get value for money from public investments is embroiled in an alleged tax-avoidance scheme being pursued by HM Revenue and Customs. Anthony Odgers is deputy chief executive of the Shareholder Executive, a part of the Department for Business, Innovation and Skills (BIS) that offers corporate finance advice to [...]
Government adviser Anthony Odgers snared by Osborne tax crackdown July 10, 2014 A government adviser charged with ensuring taxpayers get value for money from public investments is embroiled in an alleged tax-avoidance scheme being pursued by HM Revenue and Customs. Anthony Odgers is deputy chief executive of the Shareholder Executive, a part of the Department for Business, Innovation and Skills (BIS) that offers corporate finance advice [...]