Stock markets call for slashed capital levies December 2, 2012 THE government must slash capital gains and abolish stamp duty on AIM trades in its Autumn Statement, the London Stock Exchange demanded yesterday, in order to boost growth among small and medium enterprises. Cutting capital gains tax to 10 per cent, from the 18 or 28 per cent it currently stands at, combined with completely [...]
4G bidders to be outed as hopes rise for windfall December 17, 2012 OFCOM is this week expected to reveal the bidders for an auction of 4G spectrum, in the next step of a process that could earn the Treasury far more than originally expected. George Osborne pencilled in a sum of £3.5bn in his Autumn Statement, but recent auctions in other countries have beaten forecasts, as the [...]
WPP vote seals homecoming after tax cuts December 11, 2012 ADVERTISING giant WPP will move its tax base back to the UK after shareholders overwhelmingly voted in favour of the relocation yesterday. Sir Martin Sorrell’s company moved its operations to Dublin in 2008, with the chief executive hitting out at the “double taxation” of overseas profits. However, new legislation led the boss of the world’s [...]
PwC says £10bn overshoot may force Osborne into further cuts November 29, 2012 THE CHANCELLOR may be forced to reconsider his fiscal targets, PwC analysts said yesterday, as public borrowing looked likely to overshoot targets by around £10bn. Weaker than expected tax revenue has caused public borrowing figures to exceed the Office for Budget Responsibility’s expectations, the financial services giant said, and slower than expected trend growth could [...]
Shops tell Osborne to lift sector by going easy on new tax hikes November 12, 2012 RETAILERS yesterday sent a list of demands to George Osborne ahead of the chancellor’s Autumn Statement next month, calling for measures to save the struggling sector. Osborne should freeze business rates, scrap the delayed plans to increase fuel duty, and ensure that the minimum wage does not rise at a rate that “does not exceed [...]
Cable promises tax crackdown from chancellor November 15, 2012 BUSINESS secretary Vince Cable said yesterday he expects George Osborne to use his upcoming Autumn Statement to address the controversial issue of tax avoidance, after a string of companies were accused of diverting tax revenues away from the UK. Speaking to Sky News, Cable said moves to prevent “systematic abuse” could be announced as early [...]
Cable promises tax crackdown from chancellor November 15, 2012 BUSINESS secretary Vince Cable said yesterday he expects George Osborne to use his upcoming Autumn Statement to address the controversial issue of tax avoidance, after a string of companies were accused of diverting tax revenues away from the UK. Speaking to Sky News, Cable said moves to prevent “systematic abuse” could be announced as early [...]
Red carpet is rolled out for charity traders December 5, 2012 IT is not everyday on a lunchtime stroll down Broadgate that a shark, cowgirl and giant armadillo can be spotted drinking beers outside Icap’s City offices. However yesterday was no usual trading day, but the firm’s 20th annual charity extravaganza, which has grown into something of a City institution. Among those hurtling through the revolving [...]
The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
Directors slam politicians for tax loopholes December 3, 2012 POLITICIANS should target tax avoidance by getting rid of legal loopholes, not browbeating firms into paying more, the Institute of Directors (IoD) said this morning. “It is very frustrating for many companies who pay large tax bills that some multinationals are able to avoid doing so,” said IoD boss Simon Walker. “The solution must be simplifying the [...]