HMRC wins challenge over Next’s “artificial” tax avoidance scheme May 19, 2015 HMRC has won its challenge against high street retailer Next over an "artificial" tax avoidance structure. The First-Tier Tribunal (FTT) has ruled in favour of the government, which brought the case against Next Brand, part of the wider group. The FTT found the scheme, known as a rate-booster, allowed the business to artificially [...]
“Flash crash” trader Navinder Singh Sarao returns to court this week to fight bail setting May 19, 2015 The trader accused of bringing about the flash crash of 2010 is to return to London's High Court tomorrow. Navinder Singh Sarao, 36, remains in custody after failing to pay his £5.05m bail. He is fighting efforts by the US authorities to have him extradited, with the Department of Justice claiming he made £26m [...]
Navinder Singh Sarao: Flash crash trader on £5m bail gets legal aid in fight against extradition May 13, 2015 The trader alleged to have earned £27m from market manipulation is now on legal aid, despite having his bail surety set at over £5m. Joel Smith, the solicitor representing Navinder Sarao, told District Judge Elizabeth Roscoe yesterday that his client had been found eligible for the aid at the start of the week. [...]
Derwent reaps £11m rent on London offices May 7, 2015 DERWENT London said yesterday that it has secured 23 per cent more rent this year so far than it achieved for the whole of 2014, as appetite for office space in central London continued unabated. The FTSE 250 developer, which owns the Tea Building in Shoreditch and Burberry’s offices at Horseferry House in Victoria, has [...]
The harsh reality of flash crash trader Navinder Sarao’s waiting game- Editor’s Letter May 6, 2015 Is it just me, or is Navinder Sarao, the flash trader accused by US authorities of making £26m through illegal share deals, being harshly treated? Yesterday the young man, also known rather judgingly by the media as the Hound of Hounslow, was sent back to Wandsworth prison for a third time after failing to put [...]
Flash Crash case heads for high court as judge upholds Navinder Singh Sarao’s £5m bail May 6, 2015 The solicitor representing UK Flash Crash trader Navinder Sarao said he would be appealing to the High Court within a week yesterday, after Sarao failed to raise the £5.05m required for bail. Sarao has struggled to raise the money necessary since the US government froze his assets using an international restraining order. As a result [...]
General Election 2015: Campaigners are trying to take Boris Johnson to court May 6, 2015 Activists unhappy that Boris Johnson is trying to become an MP while being the Mayor of London at the same time are trying to take him to court. Johnson is fighting for the Conservative seat in Uxbridge and South Ruislip, but an online petition called #SackBoris, which currently has around 500 signatures, is trying to [...]
Greece blames creditors for lack of progress May 5, 2015 HOPES that a solution to Greece’s debt crisis would soon be found were dashed yesterday, as the country and its creditors engaged in bitter sniping over who was to blame for their impasse. “Serious disagreements and contradictions between the IMF [International Monetary Fund] and European Union,” a senior government source said in leaked memo, adding [...]
Out on the tiles: Italian mosaic experts Bisazza on how the ancient artform has survived the millennia April 30, 2015 As passengers disembark at Gatwick’s South Terminal and make their way down ramps to the luggage carousel, they’re met by two giant portraits of the Queen. In one, piercing blue eyes stare out of a youthful, newly-coronated face, while the other is of a plumper, cheerier disposition. Everyone fixates on them, tourists and homecomers alike, [...]
Architects of the future: How young designers are taking on space constraints, the cost of living and technology April 30, 2015 As property prices continue to rise and land available for development dwindles, architects and designers are tasked with devising ways to recommission and re-purpose spaces to make them suitable for modern life. Five architects and designers under 40 explain how they are taking inspiration from these challenges, and how they see their industry changing in [...]