Category: tax
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Treasury seeks to curb pension tax benefit
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The Ministry of Finance has introduced a series of radical measures aimed at reducing the fiscal deficit to 4% next year. Among these measures is the imposition of taxes on advanced training funds, which until now have mainly been a tax-free savings program. The Ministry stated in its explanation of…
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Next CEO sells £29m stake as capital gains tax reforms loom under Reeves
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Next chief executive Lord Wolfson has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) regime, expected in Chancellor Rachel Reeves’ first Budget next month. New filings reveal that the conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing its…
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What are the ins and outs of using a whole life policy to cover tax liability?
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This section is foot This section was produced by the editorial department. The Customer is not given the opportunity to place restrictions on or review the Content prior to publication. by BMO Global Asset Management Breadcrumb links Personal finance Woman, 62, in estate planning situation needs to ask herself if…
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HMRC urged to standardise gift tax rules across all industries, including politicians
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HMRC must implement uniform gift tax regulations to ensure they apply equally to all taxpayers, including politicians, according to tax and advisory firm Blick Rothenberg. Robert Salter, the company’s director, called for greater clarity and consistency in taxing gifts, noting that while media figures and social influencers are taxed on…
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Royal jeweller cuts prices by 20% to counter impact of tourist tax
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Kiki McDonough, a favourite jewellery designer of Princess Diana, Kate Middleton and Queen Camilla, has cut the prices of her products by 20% in an attempt to offset the effects of the so-called “tourist tax”. This summer, McDonough offered the discount to American and Australian shoppers, aiming to soften the…
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Drakeford plans new tax hit on private schools in Wales
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Private schools in Wales are likely to lose their charitable status from April 2024 under new proposals put forward by the Welsh Labour government. The move will require fee-paying schools to pay local taxes, a change that is expected to bring in an extra £1.3m a year. It follows UK-wide…
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Starmer promises ‘light at the end of the tunnel’ despite looming tax rises
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Prime Minister Sir Keir Starmer is set to reassure the nation that there is “light at the end of this tunnel”, urging the public to put up with short-term financial hardship in exchange for long-term prosperity. In his first speech to the Labour Party conference since taking office, Johnson will…
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Treasury plans tax on banks and Ashdod Port privatization
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The draft economic arrangements law, which will be attached to the 2025 budget, outlines the reforms that the Finance Ministry intends to implement next year. The draft law includes important measures in the areas of finance, real estate, state-owned companies, and others. The draft does not include any new taxes…
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Treasury CS John Mbadi headed for clash with MPs over tax waiver powers
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The National Treasury wants the Cabinet Secretary to have the final say on waiving hard-to-collect taxes in an amendment likely to put Treasury and Parliament on a collision course. Treasury Secretary John Mbadi sought to amend the Tax Procedures Act by introducing a new section that would give him sweeping…
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Middle-class homeowners put kitchen renovations on hold over fears of tax hikes in autumn budget
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Middle-class homeowners across the UK are putting off plans to renovate their kitchens as concerns grow over potential tax rises in the upcoming Budget in October. The possibility of higher taxes, flagged by shadow chancellor Rachel Reeves, has led to a marked drop in consumer confidence, according to kitchenware retailers.…
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Treasury revives plan to tax EVs for each km traveled
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As part of the Economic Arrangements Law accompanying the 2025 budget, the Finance Ministry plans to impose a tax of NIS 0.15 per kilometer driven by electric vehicles. This tariff will be lower than the NIS 0.19 per kilometer that drivers of cars with combustion engines pay as a customs…
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Japan PM hopeful Ishiba sees ‘room’ for corporate tax hike, Kyodo reports By Reuters
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TOKYO (Reuters) – There is “room for raising” corporate taxes, former Japanese defence minister Shigeru Ishiba, a leading candidate in the ruling party leadership race, was quoted as saying late on Saturday by Kyodo News. “There are still companies that can bear the tax burden. I would like them to…
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The Urgent Need for Bitcoin Tax Reform to Encourage Everyday Use
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The debt-based monetary system has gone too far. On the one hand, the United States has surpassed the $35 trillion national debt threshold, placing a burden of $104,000 on every American citizen. On the other hand, the Congressional Budget Office (CBO) puts federal spending for 2024 at $1.2 trillion. 24.2%…
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Wales considers 25% income tax cut to tackle rural depopulation and ‘brain drain’
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The Welsh government is considering introducing tax cuts to stem the tide of people leaving the country, especially from rural areas, and to preserve the Welsh language. Inspired by Spain’s Castilla-La Mancha, where rural residents are offered a 25% income tax cut, the Welsh-speaking Communities Commission has recommended a similar…
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Wales considers 25% income tax cut to tackle rural depopulation and ‘brain drain’
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The Welsh government is considering introducing tax cuts to stem the tide of people leaving the country, especially from rural areas, and to preserve the Welsh language. Inspired by Spain’s Castilla-La Mancha, where rural residents are offered a 25% income tax cut, the Welsh-speaking Communities Commission has recommended a similar…
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Russia discussing hefty hike in ‘exit tax’ for foreign firms, RBC reports By Reuters
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MOSCOW (Reuters) – Russian authorities are discussing increasing the one-time contribution foreign companies leaving the country must make to the state budget to 40 percent from 15 percent, the RBC daily reported on Friday, citing four sources. Russia has steadily tightened exit requirements for foreign companies since Western sanctions were…
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Tax incentives and finance access top SMEs’ priorities ahead of autumn budget
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As the Autumn Budget approaches, tax incentives and improved access to finance have emerged as key demands from UK SMEs, according to new research from Bibby Financial Services (BFS). The latest SME Confidence Tracker Index reveals that despite a post-election rebound in business optimism, small business leaders are calling on…
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Treasury cuts Sh334bn tax target for new Finance Bill
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The Treasury has cut its tax target for the next financial year by Sh334 billion and cut spending in changes that signal the government’s reluctance to raise taxes amid public anger. Budget review and forecast papers show the treasury expects to raise Sh2.96 trillion in the year starting next July…
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London’s high-end property market cools on worries about tax hit By Reuters
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LONDON (Reuters) – Demand for London’s most expensive homes slowed last month as high earners worried about the prospect of tax rises from Britain’s new centre-left government, a property data company said on Tuesday. Lonres said property sales in prime central locations in the capital were down 7.5% compared to…
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London’s high-end property market cools on worries about tax hit By Reuters
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LONDON (Reuters) – Demand for London’s most expensive homes slowed last month as high earners worried about the prospect of tax rises from Britain’s new centre-left government, a property data company said on Tuesday. Lonres said property sales in prime central locations in the capital were down 7.5% compared to…