George Osborne warned oil and gas firms cannot afford North Sea tax regime The chancellor must drop taxes on North Sea oil and gas firms as quickly as he raised them, Oil & Gas UK said yesterday. Following the Autumn Statement in December, the Treasury said it would introduce a single basin-wide investment allowance, designed to “reward investment and simplify the tax regime”, as part of a package [...]
Business received more than it hoped for in this year’s Autumn Statement It may not be as exciting as an iPad or as romantic as jewellery, but George Osborne’s Autumn Statement last week was in many ways business’s equivalent of Christmas, with rewards for some – and coal for others. On the whole, however, the picture for the City was positive, with action proposed for some of [...]
Estate agents in late-night stamp duty deal rush after Autumn Statement tax band change It was the early hours of the morning in Hong Kong when the phone rang. The person whose phone was ringing grew angry over the caller’s persistence at such an hour, but any frustration probably subsided when the individual ended the night £20,000 better off than they would have been otherwise. The deal [...]
Autumn Statement 2014: George Osborne’s stamp duty reform is a smack in the face for London – and hard-working strivers December 4, 2014 Midnight, 3 December 2014 is a date to celebrate for UK home buyers. Anyone purchasing a property worth less than £937,500 is now paying less tax. The chancellor’s move to scrap the invidious slab-style stamp duty land tax (SDLT) regime, introduced by Labour in 2000, and to transform it into a graduated tax, is a [...]
Tory veteran David Davis attacks government tax avoidance crackdown as threat to the rule of law December 4, 2014 The government has become the biggest threat to the rule of law, according to veteran Tory backbencher and former minister David Davis. Speaking at a briefing organised by the Taxpayers' Alliance and the Institute of Economic Affairs (IEA) he slammed the government's attempts to limit tax avoidance through laws such as the General Anti Avoidance [...]
George Osborne slams BBC over “hyperbolic” coverage of Autumn Statement spending cuts December 4, 2014 Chancellor George Osborne is less than impressed with some of the broadcast coverge given to his last major set piece event yesterday in the form of the Autumn Statement. Osborne denounced coverage of spending cuts to be delivered in the next parliament as "totally hyperbolic". The comments came after he was challenged with figures from [...]
Former Lib Dem minister Jeremy Browne fires warning shot over Clegg’s Autumn Statement no-show December 4, 2014 While the Tories may have reason to be cheerful with headlines in today's business sections, with pictures of George Osborne at the dispatch box slashing one of Britain's most hated taxes splashed across the newspapers, there was one member of the government who was conspicuous by his absence on the day of the Autumn Statement. [...]
Autumn Statement 2014: Rich pickings for George Osborne – banks, mansions, multinationals, tobacco December 3, 2014 George Osborne delivered sweeping reforms to property tax yesterday, in an Autumn Statement that aimed to raise extra billions from banks, tobacco companies, international corporations and buyers of expensive properties. Attempting to knock the wind out of Ed Miliband’s Labour party, the chancellor sought to neutralise several of the opposition’s key policies, taking on the [...]
Autumn Statement 2014: George Osborne hits banks to help home buyers December 3, 2014 Chancellor plays Robin Hood by grabbing from the wealthy to fund stamp duty sweetener for those lower down property ladder. THE UK ECONOMIC OUTLOOK ● The UK’s economic growth has outperformed the March forecast of the Office for Budget Responsibility (OBR), giving Britain the fastest growth rate in the G7. ● Unemployment has fallen [...]
Autumn Statement 2014: Chancellor bids to get banks to pay tax quickly December 3, 2014 Britain's biggest banks will have to pay their taxes more quickly under new accounting rules brought in by the chancellor yesterday, bringing in an extra £3.5bn over the next four years. Lenders which made huge losses in the financial crisis are still offsetting current profits against those costs. The chancellor said he does not [...]