The chancellor is considering extending the government’s mortgage guarantee scheme, after UK bank bosses raised concerns over the state of the UK’s mortgage market at a high-level meeting at No 11 Downing Street. The meeting on Thursday – which was attended by chief executives including Alison Rose of NatWest, Charlie Nunn of Lloyds Banking Group, […]
Investors in Neil Woodford’s collapsed investment fund will receive another £20 million from its administrator but further payouts are likely to be hit by a downturn in market conditions. After this fifth capital distribution, a total of £2.56 billion will have been distributed to investors since the start of the winding up of the fund, […]
High earners will benefit most from today’s mini budget announcement. Speaking to Business Matters Paul Haywood-Schiefer, Senior Manager at leading tax and advisory firm Blick Rothenberg said: “The reversal of the recent increase to NIC rates will provide savings to all earners, where their income is above around £10,000 per annum (and assuming similar reductions are made […]
Reforms to the off-payroll working rules, known as IR35, are to be scrapped from April 2023, the Treasury has announced. This will mean that from 6 April 2023, contractors working for an organisation via an intermediary will once again be responsible for determining their employment status and paying the appropriate amount of tax and national […]
Kwasi Kwarteng has announced that he will scrap the top 45p rate of income tax and cut the basic rate of income tax by 1p next year as part of a “bold and unashamed” push for growth. The chancellor announced £50 billion worth of tax cuts including scrapping the rise in national insurance, freezing corporation […]
HMRC raised £2.9 billion in inheritance tax receipts between April and the end of August 2022, according to new figures released today. This is a £300 million increase from the same period the year before. Under UK law, inheritance tax is paid at 40% on assets valued above a certain threshold. Currently around one in […]
Figures out today show that HMRC raked in another £2.4 billion in inheritance tax receipts in the three months to July 2022. This is £300 million more than in the same period last year. Liz Truss and Rishi Sunak have both suggested they would review inheritance tax rules as Prime Minister. This could mean scrapping […]
A whopping £51 billion in credit card, overdraft and personal loan debts will be accrued by consumers who are struggling to meet the upcoming tax deadline. This comes as nearly half of self-assessment tax payers struggle to keep up with payment dates, with the next payment due at the end of July likely to take […]
Higher central bank interest rates will trigger a wave of corporate defaults as companies struggle with higher borrowing costs and the threat of a global recession, fund managers have warned. A quarterly survey of global money managers said that company defaults were set to climb from very low levels during the pandemic as monetary policy […]
Nadhim Zahawi, the new chancellor of the exchequer, has called for a review of the UK’s corporate tax policy in a clear hint that a rise from 19p to 25p due next year could be reduced or scrapped. Zahawi, who took up the post on Tuesday evening after Rishi Sunak’s resignation, said he wanted to […]