Inheritance tax: London property nets HMRC £820,000 in death duties on average, double other regions’ intake January 9, 2023 Property makes up half the wealth of estates in London paying inheritance tax (IHT) – around twice as much as most other regions, according to a retirement specialist. An HMRC Freedom of Information (FOI) request from retirement specialist Just Group revealed that in 2019-20, the latest financial year of available data, property accounted for 50 per cent [...]
Taxes and shares: Making sure crypto founders do not flounder December 31, 2022 Jaspal Pachu and Cathy Wears of CMS Law navigate the territory of crypto investment rounds and potential exits.
Trump tax returns released ending long effort to keep them private December 30, 2022 Former US president Donald Trump’s tax returns have today been published by a Democrat controlled House Committee after he long tried to keep them out of public sight. The documents shed more light on reports from the House Ways and Means Committee earlier this week that revealed Trump and his wife Melania Trump reported negative [...]
EXCL – Sunak should lower national insurance in 2023, argues jobs chief December 28, 2022 With inflation having reached a 40-year high this year and the economy predicted to shrink in 2023, City A.M. zooms in on the volatile, hyperactive UK jobs market by checking in with Paul Farrer, the CEO and founder of London-based recruitment giant Aspire. Sitting down with this paper today, Farrer calls on the new Prime [...]
Brits untroubled by rising mortgage rates as property transactions rise December 21, 2022 Monthly property transactions have increased across the UK and returned to pre-pandemic levels despite the ongoing cost of living crisis. Today, HM Revenue and Customs (HMRC) published statistics indicating that monthly property transactions in the UK above £40,000 have increased consecutively over the past nine months. Frances McDonald, research analyst at Savills said: “In light [...]
Tax take plunged by £9bn through the pandemic, NAO finds December 16, 2022 The amount of cash the taxman brought in during the pandemic plunged by £9bn due to a rise in dodging and non-compliance, according to official figures released today.
Bankruptcy specialists prepare for boom as economic headwinds hit UK firms December 13, 2022 Corporate restructuring specialists Begbies Traynor and FRP Advisory are expecting a boom in demand for their services in the oncoming economic slump. The advisory businesses are expecting to profit from a surge in insolvencies as worsening economic headwinds start sinking more UK firms. Begbies Traynor’s executive chairman Ric Traynor told City A.M. the consultancy stands [...]
FRP Advisory’s restructuring team faces rising demand amid economic downturn December 13, 2022 FRP Advisory, which specialises in corporate restructuring, reported £1.2bn worth of transactions in the second half of the year as the economic downturn rattles businesses. The London-listed group said it expects an increase in demand for its services, which also include corporate finance, debt, forensics, and pensions, to continue. In a statement today, CEO Geoff [...]
Government to spend tens of millions more to crack down hard on tax fraud December 9, 2022 The Autumn Statement revealed that the government will spend an additional £79m to fight tax fraud in the next five years, as HMRC is promised greater resources to tackle the tax gap. This marks a 27 per cent increase on the £292m investment announced at last year’s Budget. Through the extra £79m, HMRC expects to raise an [...]
Inheritance tax shows just how antiquated our system is and how much we’re losing December 9, 2022 Ultimately, the UK tax system remains rooted in 19th century principles. It requires modernisation as well as simplification. But it’s not a priority for government,