London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
Londoners pay highest average inheritance tax bill in UK at over £270k August 10, 2021 Londoners pay on average the highest inheritance tax bill in the UK, according to latest official government figures. Data from HMRC shows residents in the capital paid an average of £271,820 in inheritance tax on their estates in 2018/19 upon death. Meanwhile, UK residents paid an average of £209,502 in inheritance tax in the same [...]
HMRC revenue from Capital Gains Tax jumps fourfold as businesses sell off assets August 6, 2021 The government has collected almost £10bn from capital gains tax (CGT), a fourfold increase compared to a decade earlier. New HMRC data shows the taxman collected £9.94bn in the 2019-2020 tax year a sizeable jump from the £2.55bn sum taken for the year ending in April 2009. Over 28 per cent of CGT came from [...]
Stamp Duty Holiday gives UK property market and tax coffers a major boost August 5, 2021 The government has published data confirming that the UK property market has been given a major boost by the Stamp Duty Land Tax (SDLT) holiday. Results for the second quarter of 2021 show that total SDLT transactions jumped 165 per cent compared to the same period last year and are up nine per cent compared [...]
Paying tax sooner – HMRC wants its money faster July 30, 2021 What are the challenges and advantages of paying tax closer to real-time? HMRC calls for evidence and ICAS responds. Nobody is likely to volunteer to pay tax sooner, unless it would earn interest at a competitive rate perhaps. But knowing what your tax liability is, and when you need to pay it, as close to [...]
Mishcon de Reya and ex partner face prosecution by solicitors regulator over sports clients money July 30, 2021 Mishcon de Reya and its former head of sport are being prosecuted by a legal regulator for how the prestigious city law firm handled money for some of its sports clients. Both Elizabeth Ellen, who stepped down as a partner at Mishcon to set up a sports consultancy last year, and the law firm would [...]
Exclusive: HMRC’s elite Offshore unit securing prison time for tax evaders trebled last year July 29, 2021 HMRC’s elite Offshore, Corporate and Wealthy (OCW) Unit secured convictions totalling 67 years of prison time for tax evaders last year, nearly trebling the total of just 23 years secured a year earlier. The increase in prison sentences is a sign that HMRC’s strategy of using targeted criminal investigations, rather than just civil penalties, as a [...]
Coronavirus and the impact on UK insolvencies July 29, 2021 We’ve spoken to insolvency expert, David McGinness, Insolvency Practitioner at French Duncan Restructuring & Debt Advisory, on how the coronavirus pandemic has impacted businesses across UK and what the future holds for them. David McGinness has more than 15 years experience in all types of personal and corporate insolvency. Through the course of his insolvency [...]
More industries exempt from isolation and testing sites expanded in effort to ease pingdemic July 26, 2021 More workers are now able to avoid Covid self-isolation after the government expanded a pilot workplace testing scheme in a bid to halt the “pingdemic” causing staff shortages across England. Prison staff, some veterinary staff, telecoms organisations, defence staff such as soldiers, HMRC staff and refuse collectors will now be eligible for exemption. It comes [...]
Swedish drinks firm Kopparberg sues HMRC over tax loophole July 26, 2021 Swedish cider maker Kopparberg has filed a High Court claim against HM Revenue and Customs over allegations of unlawful tax discrimination. The popular booze brand argues that the UK applied excessive duties on imported alcoholic ciders by allowing domestic producers to dilute their products to avoid taxes. The tax loophole, known as post duty point [...]
The wellness tax: providing healthy meals and fitness classes for staff should be tax-free for employers July 25, 2021 Over the last 18 months, we’ve heard a lot about the impact of the pandemic on mental health, and with good reason. According to the Office for National Statistics, around 1 in 5 adults experience some form of depression in early 2021 – more than double the number before the pandemic. More than half of [...]