Lawyers slam retrospective Barclays tax February 29, 2012 LAWYERS yesterday railed against the retrospective £100m tax bill handed to Barclays bank by HMRC this week, saying it could set a worrying precedent. Barclays faces paying over £100m to the Treasury after the government changed the law to close a tax loophole. The bank was allegedly exploiting a rule that says profit arising from [...]
Tax campaigners against Barclays are misinformed February 28, 2012 ON MONDAY, David Gauke, exchequer secretary to the Treasury, told a stunned House of Commons that a bank had attempted to use a tax avoidance scheme to reduce its tax bill by £0.3bn. The government would act swiftly to close this loophole. As other banks are also understood to have used this dodge, it’s hoped [...]
£67,700,000,000: The amount of tax paid by Britain’s top 100 companies last year February 27, 2012 THE TAXMAN took an extra £8.3bn from top UK companies in the last fiscal year, with big firms contributing 14 per cent more compared to the previous year. In total, the so-called Hundred Group of businesses paid an eye-watering £67.7bn in tax in the year to March 2011, according to data released by PwC this [...]
Barclays hit by crackdown February 27, 2012 BARCLAYS has been targeted by the government’s closure of an “aggressive” tax avoidance scheme, costing it around £500m. The scheme shut by HMRC saw banks buy back their debt at a lower price than they had sold it, before avoiding corporation tax on the profit. The government is shutting down that scheme retrospectively, hitting any [...]
Remember UK Plc’s vast contribution February 27, 2012 IT is sometimes argued, including by government advisers, that the state should promote small firms above large ones. These people even argue that small, insurgent entrepreneurs are morally superior to larger, more bureaucratic multinationals. I disagree, but I can see where they are coming from: I too would much rather work for a small, nimble, [...]
Asian costs take a shine off HSBC win February 27, 2012 SOARING costs have hit profits at HSBC after it spent heavily on paying its bankers in the Far East. HSBC said success in emerging markets was becoming increasingly expensive, with costs rising 10 per cent, or $3.9bn – a third of that due to higher pay. HSBC posted a 15 per cent rise in pre-tax [...]
Bonus row now completely irrational February 22, 2012 UTTERLY absurd: that is the only way to describe the debate on bonuses. Here is why. Imagine a salesperson at a widget company so brilliant that she brings in £10m a year for her firm. She is the best widget salesperson in the UK and her firm’s biggest asset. Her company, unfortunately, is loss-making – [...]
House sales up 23% on last year February 21, 2012 There were 64,000 UK property sales in January, up 23 per cent compared the same month last year, according to figures from HM Revenue and Customs (HMRC). Sales numbers endured the traditional post-Christmas dip, falling from 86,000 in December. But the January figures are the highest since 2008. Yesterday the Council of Mortgage lenders said [...]
Changes to the lifetime pension allowance February 19, 2012 IN LESS than two months the lifetime pension allowance, i.e. the maximum value that can be accumulated within all pensions before incurring an exceptional tax charge, will fall from £1.8m to £1.5m. If the total value of all an individual’s pension schemes exceeds this amount, the surplus will incur an exceptional tax charge of 55 [...]
It’s business as usual for Rangers, say administrators February 14, 2012 ADMINISTRATORS insist Rangers’ fixture against Kilmarnock on Saturday will go ahead despite the club entering into administration yesterday. The Scottish champions became the biggest British club yet forced to take the step, which carries an immediate 10-point penalty in the Scottish Premier League. Paul Clark, of London-based administrators Duff and Phelps, said the move would [...]